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Teledyne Technologies (NYSE:TDY) announced an agreement to acquire Micropac Industries (OTC:MPAD) for $20.00 per share in an all-cash transaction valued at approximately $57.3 million. Founded in 1963, Micropac designs and manufactures microelectronic circuits, optoelectronic components, and sensor and display assemblies for military, aerospace, and medical applications. The transaction, unanimously approved by both companies' boards, is expected to close by the end of 2024. Stockholders holding approximately 75% of Micropac's shares have already approved the merger agreement.
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