Varex Files Preliminary Proxy for $18.90/Share Teledyne Merger with Full Fairness Opinion and Forecasts
VREX has more than doubled off its 52-week low of $9.09.
Summary
Varex Imaging filed its preliminary proxy statement for the $1.1 billion all-cash acquisition by Teledyne Technologies at $18.90 per share, including Evercore's fairness opinion, management forecasts, and executive compensation details.
Key Events · M&A and Partnerships · VREX
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Preliminary Proxy Filed for $18.90/Share Merger
Varex filed its preliminary proxy statement on September 4, 2026, for the $1.1 billion all-cash acquisition by Teledyne Technologies at $18.90 per share, representing a 52% premium to the $12.41 closing price on August 7, 2026.
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Evercore Fairness Opinion and Valuation Analyses
Evercore's fairness opinion dated August 9, 2026, includes DCF analysis ($15.00-$21.50/share), selected companies analysis ($11.25-$19.50/share), and premiums paid analysis ($15.50-$20.50/share), all supporting the $18.90 merger consideration.
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Management Forecasts Revealed
Management forecasts show revenue growing from $867M (adjusted FY2026E) to $1,238M (FY2031E), with adjusted EBITDA expanding from $119M to $267M over the same period.
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Executive Golden Parachute Compensation
CEO Sunny Sanyal could receive $16,985,321 in total merger-related compensation, including $12,091,842 in equity acceleration and $4,857,479 in cash severance, subject to a qualifying termination.
Analysis · VREX · Manufacturing
Varex Imaging filed its preliminary proxy statement for the $1.1 billion all-cash acquisition by Teledyne Technologies at $18.90 per share. The filing provides the first detailed look at Evercore's fairness opinion, management's five-year financial forecasts, and the $25.3 million termination fee. Stockholders will vote on the merger at a special meeting expected in early 2027, with closing subject to HSR and foreign regulatory approvals. The proxy reveals the board's negotiation history, including Teledyne's initial $16.50 offer and the final $18.90 price representing a 52% premium to the pre-announcement closing price.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 35.7% of the 1838 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VREX was trading at $18.36 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $779.3M. The 52-week trading range was $9.09 to $18.63. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.