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Acquisitions and divestitures
3 Months Ended
Sep. 29, 2012
Acquisitions and divestitures [Abstract]  
Acquisitions and divestitures
Acquisitions and divestitures
Acquisition and divestiture activity
During the first quarter of fiscal 2013, the Company acquired five businesses with aggregate annualized revenues of approximately $330.0 million for an aggregate purchase price of $97,930,000, net of cash acquired. The aggregate purchase price includes $10,373,000 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. Two of the businesses acquired are reported as part of the EM EMEA region, one is reported as part of the EM Asia region, one is reported as part of the TS Americas region, and one is reported as part of the TS EMEA region.
Also during the first quarter of fiscal 2013, the Company received proceeds of $4,500,000 for the first payment of a three year earn-out associated with a divestiture completed in a prior year. The proceeds were applied against the earn-out receivable that was established at the time of the sale.
Gain on bargain purchase
In August 2012, 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. Accordingly, the Company recognized a gain on bargain purchase in the first quarter of fiscal 2013 of $31,291,000 pre- and after tax and $0.22 per share on a diluted basis.