Swiss electronics company TE Connectivity said it would purchase sensor maker Measurement Specialties Inc for about $1.7 billion, including debt, to grab a bigger slice of the high-growth global sensor market.TE Connectivity - formerly Tyco Electronics, which split from Tyco International Ltd in 2007 - said it expects the global sensor market to grow 8 percent to $116 billion by 2019.Measurement Specialties makes sensors that measure temperature, pressure, acceleration, or humidity in vehicles, home appliances, and airplanes among others.TE's offer of $86 per share for each Measurement Specialties share represents a premium of a little over 10 percent to the stock's closing price on Wednesday.
Shares of MEAS traded higher by 0.32% or $0.25/share to $78.00. In the past year, the shares have traded as low as $42.70 and as high as $79.00. On average, 58891 shares of MEAS exchange hands on a given day and today's volume is recorded at 122701.
Tyco International Ltd. (Tyco) is a diversified company, which provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Shares of TYC traded higher by 0.43% or $0.2/share to $46.20. In the past year, the shares have traded as low as $31.70 and as high as $46.08. On average, 3037340 shares of TYC exchange hands on a given day and today's volume is recorded at 2720337.
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