Business Combination

9 Months Ended

Jul. 03, 2015

Business Combinations [Abstract]

Business Combination

BUSINESS COMBINATION

In January 2015, one of the Company's German subsidiaries formally launched a voluntary public tender offer to acquire MeVis Medical Solutions AG ("MeVis"), a company based in Bremen, Germany that provides image processing software and services for cancer screening.  At the end of the second quarter of fiscal year 2015, the Company segregated restricted cash totaling $34.7 million, which represented the expected total payment to acquire non-par value registered shares of MeVis at a price of €17.50 per share if all outstanding shares were tendered. On April 21, 2015, the Company completed the acquisition of 73.5% of the then outstanding shares of MeVis using approximately $25.5 million of the restricted cash, with the remainder then becoming unrestricted. The acquisition was accounted for as a business combination. The following table summarizes the preliminary recording of the fair value of the assets acquired and liabilities assumed as of the acquisition date.

(In millions)	Fair Value
Net tangible assets (1)	$	21.7
Intangible assets with a weighted average useful life of 5.4 years	5.8
Goodwill (2)	8.2
Fair value of net assets	35.7
Less: Noncontrolling interests	10.2
Net assets acquired	$	25.5

(1) Net tangible assets included $13.9 million cash and cash equivalents.

(2) Goodwill was primarily attributable to expected synergies resulting from the acquisition. It will not be deductible for income tax purposes in this case.

As of July 3, 2015, the fair value assignments were preliminary and they may change upon finalization. The Company intends to acquire additional shares of MeVis as permitted under current agreements and through the framework of German laws. The acquisition of MeVis was integrated into the Company's X-ray tubes and flat panel products reporting unit. Financial results for MeVis are included within the Company's Imaging Components segment since the date of acquisition. The impact of this acquisition was not material to the Consolidated Financial Statements and therefore proforma disclosures have not been presented.