MICROPAC INDUSTRIES INC: M&A transaction — Teledyne completes $57.3M acquisition of Micropac; shareholders get $20/share cash

MICROPAC INDUSTRIES INC

Merger completed Dec 30, 2024; Micropac becomes wholly owned Teledyne subsidiary, renamed Teledyne Micropac.
Stockholders received $20.00 per share in cash; total enterprise value ~$57.3M based on Micropac's net debt.
Mark W. King resigned as CEO/President and from board; Patrick Cefalu resigned as VP/CFO; five other directors resigned.
All Frost Bank loans repaid in full; liens released.
Common stock halted on OTCBB; Teledyne intends to file Form 15 to terminate SEC registration and reporting.

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Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MICROPAC INDUSTRIES INC: Amended and restated certificate of incorporation.

Change: charter amendment

Exact text from the filing

the Company’s certificate of incorporation, as in effect immediately prior to the Effective Time, was amended and restated in its entirety

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

MICROPAC INDUSTRIES INC: Amended and restated bylaws.

Change: bylaw amendment

Exact text from the filing

the Company’s bylaws, as in effect immediately prior to the Effective Time, were amended and restated in their entirety

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

MICROPAC INDUSTRIES INC underwent a change of control involving Teledyne Technologies Incorporated for $20.00 per share in cash (closed 2024-12-30).

Action: change of control
Counterparty: Teledyne Technologies Incorporated
Consideration: $20.00 per share in cash
Closing: 2024-12-30

Exact text from the filing

completion of the previously announced merger of Micropac with a wholly-owned subsidiary of Teledyne. Under the terms of the merger agreement, Micropac stockholders received $20.00 per share in cash without interest and subject to required withholding taxes. The all-cash transaction valued Micropac at approximately $57.3 million, taking into account

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Source: SEC EDGAR

accession 0001493152-24-052497

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