NEW YORK (TheStreet) -- Shares of Teledyne Technologies Inc (TDY) are up 2.27% to $99.61 after the company announced its acquisition late yesterday of all outstanding shares of Bolt Technology (BOLT) for $22 per share payable in cash.
The digital imaging technology and electronics company has agreed to buy Bolt Technology for about $171 million.
This morning, law firm Tripp Levy PLLC announced its investigation into the acquisition of Bolt Technology concerning the possible breaches of fiduciary duty and other violations of state law by the board of directors of Bolt.
Tripp Levy will investigate whether the merger was an adequate auction process, and if Teledyne Technologies is underpaying for Bolt shares.
Separately, TheStreet Ratings team rates TELEDYNE TECHNOLOGIES INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate TELEDYNE TECHNOLOGIES INC (TDY) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."