Keithley Instruments Shareholders Approve Merger Agreement
Upon completion of the merger, each outstanding common share and Class B common share of Keithley will be converted into the right to receive $21.60 in cash, without interest.
Keithley Instruments, a leader in advanced electrical test instruments and systems held a special meeting of shareholders last week. The Company’s shareholders approved and adopted the Agreement and Plan of Merger, dated September 29, 2010, between Danaher Corporation, Aegean Acquisition Corporation and Keithley Instruments.
Approximately 90 % of the total number of votes represented by the common shares and Class B common shares outstanding and entitled to vote at the special meeting voted in favor of approval and adoption of the merger agreement. Under the terms of the merger agreement, upon completion of the merger, each outstanding common share and Class B common share of Keithley will be converted into the right to receive $21.60 in cash, without interest.
The completion of the merger remains subject to the termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (the “HSR Act”) and the satisfaction or waiver of other conditions. Keithley Instruments also announced that Danaher refiled its HSR Act Premerger Notification and Report form related to the merger on November 15, 2010 to provide the Federal Trade Commission with additional time to review the transaction.
Keithley Instruments and Danaher believe that the status of the FTC review should not affect the anticipated timing of the completion of the transaction during the fourth quarter of 2010.
Keithley Instruments manufactures advanced electrical test instruments and systems for use in advanced materials research, semiconductor device development and fabrication, and the production of end products such as portable wireless devices. The firm serves customers in more than 80 countries and generated $126.9 million of revenue during the fiscal year ended September 30, 2010.