In short: A new all-cash deal in the arb universe: "Varex Imaging was up 50% last week after the company announced that it reached a definitive agreement under which Teledyne, ticker T-D-Y, will acquire all outstanding shares of Varex for [$18.90] in an all-cash deal. The transaction was unanimously approved by both boards and is expected to be completed in the first quarter of 2027." The deck values the transaction at ~$1.1B including equity awards and net debt.
Varex makes the X-ray components that go inside medical and industrial imaging machines. Teledyne agreed to buy the whole company for $18.90 a share in cash, and the stock jumped 50%.
This is the cleanest kind of situation in Singh's book: an all-cash offer, unanimously approved by both boards, with a defined closing date in early 2027. There is no share-exchange ratio to hedge and no financing to arrange — the remaining questions are regulatory approval and the shareholder vote, and the only real cost is the time value of waiting more than a year for the money.
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