US electronics company Teledyne has agreed to acquire Intelek for £28 million.

US electronics company Teledyne has agreed to acquire AIM-listed Intelek for £28 million.

The cash offer of 32 pence per share is roughly double the price on the last day of trading before the announcement, which was 15.5 pence per share. The deal is subject to shareholder approval.

Swindon-based Intelek designs and manufactures electronic systems for defence and satellite communications.

Robert Mehrabian, chairman and CEO of Teledyne, says: ‘We are delighted that the directors of Intelek have decided unanimously to recommend the offer to their shareholders which is at a significant premium to Intelek’s share price in the 12 months prior to the offer date. The combination of Intelek with Teledyne should place Intelek in a much stronger position to realise its growth potential.’

California-based Teledyne produces electronic components, instrumentation and communications products for the energy and aerospace industries. The company declared revenues of $1.8 billion (£1.2 billion) last year.