Wednesday, August 31, 2005

Harris to Acquire Leitch

Harris Corporation agreed to acquire Leitch Technology, a provider of professional digital video solutions based in Toronto, for a cash price of C$14.00 per share amounting to total consideration of approximately C$592 million. The deal represents a premium of 44 percent over the twenty-day volume weighted average trading price of C$9.72 for Leitch shares on the Toronto Stock Exchange.

"This acquisition further positions Harris to lead the broadcast industry's transition to high-definition digital services," said Howard L. Lance, chairman, president and chief executive officer of Harris. "Leitch has a veteran management team with strong domain knowledge and has launched important new products to meet the changing needs of the digital marketplace. Our combined products and systems serve every segment of the increasingly complex supply chain that brings digital audio, video and data content to consumers. This acquisition clearly establishes Harris as the company that broadcasters turn to as they upgrade their equipment and software systems to operate in a digital environment."

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