XML 30 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions and divestitures
9 Months Ended
Mar. 30, 2013
Business Combinations [Abstract]  
Acquisitions and divestitures
Acquisitions and divestitures
Acquisition activity
During the first nine months of fiscal 2013, the Company acquired eleven businesses with aggregate annualized revenues of approximately $1.10 billion for an aggregate purchase price of approximately $261.3 million, net of cash acquired. The aggregate purchase price includes approximately $12.8 million of contingent earn-out obligations, which were recorded at their estimated fair values, and can be earned based on future performance of the acquired businesses. Four of the businesses acquired are reported as part of the TS Americas region, three are reported as part of the EM EMEA region, two are reported as part of the TS EMEA region, one is reported as part of the EM Americas region and one is reported as part of the EM Asia region.
Gain on bargain purchase and other
During the first quarter of fiscal 2013, the Company acquired Internix, Inc., a company publicly traded on the Tokyo Stock Exchange, through a tender offer. After assessing the assets acquired and liabilities assumed, the consideration paid was below book value even though the price paid per share represented a premium to the trading levels at that time. During the first nine months of fiscal 2013, the Company recognized a total gain on bargain purchase related to Internix of $33,018,000 pre- and after tax and $0.23 per share on a diluted basis (inclusive of an adjustment of $1,727,000 pre- and after tax and $0.01 per share on a diluted basis occurring in the second quarter of fiscal 2013).
During the second quarter of fiscal 2013, the Company divested a small business in TS Asia for which it recognized a loss of $1,667,000 pre-tax, $1,704,000 after tax and $0.01 per share on a diluted basis, which was reflected in "gain on bargain purchase and other."
In January 2012, the Company acquired Unidux Electronic Limited ("UEL"), a Singapore publicly traded company, through a tender offer. After assessing the assets acquired and liabilities assumed, the consideration paid was below book value even though the price paid per share represented a premium to the trading levels at that time. Accordingly, the Company recognized a gain on bargain purchase of $4,460,000 pre- and after tax and $0.03 per share on a diluted basis.
In addition, during the first nine months of fiscal 2012, the Company recognized a loss of $1,399,000 pre-tax, $854,000 after tax and $0.01 per diluted share related to a write-down of an investment in a small technology company and the write off of certain deferred financing costs associated with the early termination of a credit facility (see Note 4 for further discussion of the credit facility).