[opendtv] Re: Good by to Leitch

Here's the press release

Harris Corporation to Acquire Leitch Technology Corporation
Expands position in fast-growing digital broadcast markets
=20
Melbourne, FL - August 31, 2005 - Harris Corporation (NYSE: HRS) has ente=
red into a definitive agreement to acquire all of the shares of Leitch Te=
chnology Corporation (TSX: LTV) at a C$14.00 cash price per share.  Total=
 price consideration, net of cash on hand, will be approximately US$450 m=
illion.  Harris expects the transaction to be neutral to fiscal year 2006=
 earnings per share, excluding acquisition-related charges.  In fiscal ye=
ar 2007, the transaction is expected to be accretive by $.06 earnings per=
 share. =20

Leitch is a global leader in providing high-performance video systems for=
 the television broadcast industry, including routers and distribution eq=
uipment, signal processing, signal management and monitoring, servers and=
 storage area networks, branding software and post-production editing sys=
tems.  Harris is the worldwide leader in providing digital broadcast tech=
nology solutions for global broadcast media markets, including television=
 and radio transmission systems, networking solutions and enterprise-wide=
 software and media management systems. =20

"The acquisition further positions our company to lead the broadcast indu=
stry's transition to high-definition digital services," said Howard L. La=
nce, chairman, president and chief executive officer of Harris.  "Their b=
road product portfolio provides an excellent complement to our current pr=
oducts and software, and significantly expands our presence in these fast=
-growing market segments.  Leitch has a veteran management team with stro=
ng domain knowledge and has launched important new products to meet the c=
hanging needs of the digital marketplace.  Our combined products and syst=
ems serve every segment of the increasingly complex supply chain that bri=
ngs digital audio, video, and data content to consumers.  The acquisition=
 of Leitch, following our acquisition of Encoda Systems in November 2004,=
 clearly establishes Harris as the company that broadcasters turn to as t=
hey upgrade their equipment and software systems to operate in a digital =
environment."

"The combination of Leitch Technology and Harris Corporation will create =
a powerful force in the global broadcast industry.  We view the opportuni=
ty as extremely positive for our employees, customers, and shareholders,"=
 said Tim Thorsteinson, president and chief executive officer of Leitch T=
echnology.

The acquisition is to be completed by way of a statutory plan of arrangem=
ent and is subject to approval by Leitch shareholders, customary regulato=
ry and court approvals, and other closing conditions.  The transaction is=
 expected to close in approximately 60 days.

Harris is an international communications and information technology comp=
any serving government and commercial markets in more than150 countries. =
 With headquarters in Melbourne, Florida, the company has annual sales of=
 over $3 billion and employs 12,600 men and women - including 5,500 engin=
eers and scientists - dedicated to the development of best-in-class assur=
ed communications(tm) products, systems, and services.  The company's ope=
rating divisions serve markets for government communications, tactical ra=
dio, broadcast, and microwave systems.  Additional information about Harr=
is Corporation is available at www.harris.com.=20

+++++++++++++++++++++++++
Larry Bloomfield, KA6UTC
Bloomfield Enterprises, LLC
dba - Tech-Notes
1980 25th St., Florence, OR  97439-9717
(541) 902-2424 - Home/Office/Cell
WWW.Tech-Notes.TV  -- See you on the Road Show.




John Willkie wrote:

>Boy, that amount sounds low, considering that they paid $340 mm for Enco=
da a
>few years back, and considering what Leitch has to offer, and the shape =
that
>Encoda was in at the time.  Oddly enough, I had a call into a high-level=

>Leitch official today, but he wanted me to call back tomorrow, after the=
ir
>annual general meeting is over.
>
>I guess this means that the Ottawa Teacher's Union (the major investor i=
n
>Leitch) did the right thing a few years ago when they replaced upper
>management; the dark side was favored for a long time, people putting th=
eir
>bet on politics and not products and services.
>
>
>Very interesting, on several levels Harris buying into processing.. I he=
ard
>at NAB that Harris no longer does sales calls on singletons -- entities =
that
>own single stations.  Maybe they'll use this to cost-effectively sell to=
 all
>stations.
>
>
>It means that Harris is still on an acquisition binge, perhaps the only
>company still doing so in the field..  Not a bad thing in my mind, but I=

>have to pull my punches on this one: I'm a Harris partner.
>
>John Willkie
>----- Original Message -----=20
>From: "Larry Bloomfield" <Larry@xxxxxxxxxxxxx>
>To: <opendtv@xxxxxxxxxxxxx>
>Sent: Wednesday, August 31, 2005 2:24 PM
>Subject: [opendtv] Good by to Leitch
>
>
> =20
>
>>Just announced: Harris Corp. bought Leitch for $450 Million. Now what?
>>
>>--=20
>>
>>
>>+++++++++++++++++++++++++
>>Larry Bloomfield, KA6UTC
>>Bloomfield Enterprises, LLC
>>dba - Tech-Notes
>>1980 25th St., Florence, OR  97439-9717
>>(541) 902-2424 - Home/Office/Cell
>>WWW.Tech-Notes.TV  -- See you on the Road Show.
>>
>>
>>
>>
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