Los Angeles, CA and Lincoln, NE—Teledyne Technologies has announced a definitive agreement to purchase ISCO for
$16 per share, a 32.2% premium over ISCO’s April 7 closing price. In aggregate, the purchase price is estimated at approximately
$96 million, including payments for the settlement of outstanding stock options, or $80 million accounting for
ISCO’s net cash. “ISCO’s water quality monitoring instruments, including samplers, flow meters and on-line process
analyzers are highly complementary to our existing environmental instrumentation product lines. Furthermore, ISCO’s
liquid chromatography systems and media provide an exciting entry for Teledyne into the high growth drug discovery and
biotechnology markets,” said Teledyne Technologies Chairman, President and CEO Robert Mehrabian. For the fiscal half
year ending January 23, 2004, ISCO revenues grew 16.1% to $34.5 million (see IBO 3/15/04). ISCO Chairman and CEO Dr.
Robert W. Allington, who owns 46% of outstanding shares, has agreed to vote for the merger. Dr. Allighton will become
senior vice president and chief scientific officer for research and new product development for Teledyne Isco. Teledyne
forecasts the acquisition to be accretive to earnings.