VREX stock should trade near the $18.90 offer price with a small spread reflecting deal risk (regulatory, stockholder vote). Traders should monitor the special meeting date for stockholder approval and any regulatory developments under the HSR Act and foreign investment laws. The spread may widen if regulatory hurdles emerge or if a competing bid surfaces.
Price Chart
Executive Summary
Teledyne Technologies (TDY) will acquire Varex Imaging (VREX) for $18.90 per share in an all-cash transaction valued at approximately $1.1 billion, including assumed equity awards and net debt. The deal represents a significant premium to VREX's unaffected stock price and was unanimously approved by both boards. The transaction is expected to close in early 2027, subject to stockholder approval, HSR clearance, and other customary regulatory conditions, with no financing contingency.
Key Facts
- Teledyne Technologies (TDY) will acquire Varex Imaging (VREX) for $18.90 per share in cash.
- The aggregate transaction value is approximately $1.1 billion, including equity awards and net debt.
- The transaction was unanimously approved by both companies' boards of directors.
- The deal is expected to close in early 2027, subject to stockholder and regulatory approvals.
- The merger agreement includes a termination fee of $25.3 million payable by VREX under certain circumstances.
- The acquisition is not subject to any financing condition.
- Evercore is acting as financial advisor to Varex; Orrick, Herrington & Sutcliffe is legal counsel.
- Latham & Watkins and McGuireWoods are legal counsel to Teledyne.
Financial Impact
All-cash acquisition at $18.90 per share, valuing the company at approximately $1.1 billion including net debt and equity awards.
Risk Factors
- Failure to obtain stockholder approval for the merger.
- Regulatory delays or failure to obtain required antitrust and foreign investment clearances.
- A superior proposal could emerge, triggering a termination fee and deal collapse.
- Adverse changes in VREX's business could allow Teledyne to walk away if a Company Material Adverse Effect occurs.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001104659-26-093359 |
| Document: tm2622593d3_8k.htm | 0001104659-26-093359 |
| Document: tm2622593d3_ex99-1.htm | 0001104659-26-093359 |
| Document: 0001104659-26-093359-index-headers.html | 0001104659-26-093359 |
| Document: 0001104659-26-093359-index.html | 0001104659-26-093359 |
| Document: 0001104659-26-093359.txt | 0001104659-26-093359 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | Insider Cluster | $18.47 $18.49 | ▼ −0.11% | ▲ +0.71% | $18.50 (−0.14%) |
Sep 14, 2026 18d ago | 144 | $18.46 $18.47 | ▲ +0.05% | ▼ −1.60% | $18.50 (+0.19%) |
Sep 11, 2026 20d ago | 144 | $18.46 $18.47 | ▼ −0.05% | ▲ +1.60% | $18.50 (−0.19%) |
Aug 10, 2026 7w ago | DEFA14A | $18.58 $18.46 | ▼ −0.65% | ▼ −0.24% | $18.50 (−0.46%) |
Aug 10, 2026 7w ago | DEFA14A | $18.58 $18.46 | ▼ −0.65% | ▼ −0.24% | $18.50 (−0.46%) |
Aug 10, 2026 7w ago | 8-K / DEFA14A | $18.58 $18.46 | ▼ −0.65% | ▼ −0.24% | $18.50 (−0.46%) |
Aug 10, 2026 7w ago | 8-K | $18.46 $18.46 | · 0.00% | ▲ +0.05% | $18.50 (+0.19%) |
Jun 11, 2026 16w ago | Institutional Cluster | $11.04 $10.53 | ▼ −4.62% | ▼ −5.29% | $18.50 (+67.53%) |
US Market Status
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