Form 4: Micropac Industries Director Reports Share Cancellation Following Merger

Robert Patrick Hempel, a director and 10% owner of Micropac Industries, reports the cancellation of his shares following the company's merger with Teledyne Technologies.

Summary

• Robert Patrick Hempel, a director and 10% owner of Micropac Industries, filed a Form 4 indicating a change in beneficial ownership.
• The change is due to the merger of Micropac Industries with Teledyne Technologies, where each share of Micropac common stock was converted into the right to receive $20.00 in cash.
• Mr. Hempel's 1,952,577 shares were cancelled as part of the merger agreement.
• The shares were indirectly owned through a partnership, Micropac Industries, Inc. Vermoegensverwaltungsgesellschaft buergerlichen Rechts.
• Following the death of Heinz-Werner Hempel, Robert Patrick Hempel and Maria Hempel-Bowe each hold a 50% interest in the partnership.

Sentiment

Score: 7

Explanation: The document reflects a completed merger, which is a neutral event for the reporting person. The sentiment is neutral to slightly positive as the merger provides a defined exit value for shareholders.

Future Outlook

The merger between Micropac Industries and Teledyne Technologies has been completed, with Micropac becoming a subsidiary of Teledyne.

Industry Context

This merger reflects a trend of consolidation in the technology and manufacturing sectors, where larger companies acquire smaller entities to expand their capabilities and market reach.

Comparison to Industry Standards

• Mergers and acquisitions are common in the technology sector, with companies like Teledyne often acquiring smaller firms to enhance their product offerings and market share.
• The $20 per share cash payout is a typical structure for mergers, providing shareholders with a defined exit value.
• Similar transactions in the industry often involve a premium over the pre-merger share price, which is not explicitly stated in this document.

Stakeholder Impact

• Shareholders of Micropac Industries received $20.00 per share in cash as a result of the merger.
• Employees of Micropac Industries are now part of Teledyne Technologies.

Key Dates

Keywords

Merger, Share Cancellation, Beneficial Ownership, Form 4, Micropac Industries, Teledyne Technologies, Robert Patrick Hempel