Arrow Electronics recently acquired the electronics distribution business of Ducommun.
Arrow said it was being advised by Morgan Stanley & Co., the investment bankers, while Ducommun was being advised by Donaldson, Lufkin & Jenrette Securities Corp.
Under the new price, the debentures would be convertible into a total of about four million Ducommun shares.
The Ducommun units are currently profitable, according to Arrow, but were in the red last year.
The acquisition benefiting Arrow, completed in January, was the $124 million purchase of three operating units from Ducommun Inc. Arrow said the acquisition will enable it to lift sales significantly without a commensurate increase in overhead.
If the sale closes by Jan. 15, Ducommun said the dividend will be paid Jan. 29 to stock of record Jan. 25.
A group that includes members of the Ducommun family said it had increased its stake in the company to 9.5 percent of the shares outstanding.
Ducommun said it expects the sale to result in a net gain of about $1.5 million.