The Boards of Teledyne and Intelek are pleased to announce that they have reached agreement on the terms of a recommended cash offer to be made by Teledyne for the entire issued and to be issued ordinary share capital of Intelek. It is intended that the Offer will be implemented by way of a public offer under the Code.

Under the terms of the Offer, Intelek Shareholders will receive 32 pence in cash for each Intelek Share (the "Offer Price"), valuing the entire existing issued ordinary share capital of Intelek at approximately £28 million. The Offer Price of 32 pence per Intelek Share represents a premium of approximately:

- 106.5 per cent. to the Closing Price of 15.50 pence on 15 June 2010, being the last Business Day prior to the date of this announcement; and

- 117 per cent. to the average Closing Price of 14.75 pence for the twelve months prior to and ending on 15 June 2010, being the last Business Day prior to the date of this announcement.

Teledyne is a NYSE listed company with a market capitalisation of approximately US$1.4 billion. With 2009 revenues of approximately US$1.8 billion, Teledyne is a leading provider of sophisticated electronic components and subsystems, instrumentation and communications products and the acquisition of Intelek offers Teledyne the opportunity to extend its presence and know-how in activities adjacent to its current ones.

The Intelek Directors, who have been so advised by Altium, consider the terms of the Offer to be fair and reasonable so far as the Intelek Shareholders are concerned. In providing their advice, Altium has taken into account the commercial assessments of the Intelek Directors. Accordingly, the Intelek Directors intend unanimously to recommend that Intelek Shareholders accept the Offer, as the Intelek Directors have irrevocably undertaken to do in respect of their beneficial shareholdings which amount, in aggregate, to 4,906,523 Intelek Shares, representing approximately 5.62 per cent of the existing ordinary share capital of Intelek. These undertakings will remain binding in the event of a competing offer being made for Intelek and will cease to be binding only if the Offer lapses or is withdrawn.

Commenting on the Offer, Ian Brodie, Chief Executive Officer of Intelek, said: "The directors of Intelek have focused our strategy on further developing our satellite and microwave communications business as a core value driver for the Intelek Group. This Offer for Intelek is at a substantial premium and we unanimously recommend that shareholders accept this Offer".