Saifun Semiconductors Ltd. (Nasdaq:SFUN) shareholders have voted at a special shareholder meeting held today at Saifun's offices in Netanya to approve the acquisition of the company by Spansion. A total of approximately 23.9 million ordinary shares, representing approximately 76% of the total outstanding shares were represented at the meeting.
More than 96% of the shares represented at the meeting voted in favor of the transaction and all special majority requirements set forth by the Israeli law were met.
The merger remains subject to satisfaction of customary closing conditions that include Israeli court approval and other regulatory approvals and is expected to close in the first quarter of 2008.
As of last week, the fate of the takeover was still uncertain. Saifun chairman and CEO Dr. Boaz Eitan, who owns 34.6% of the company, favored the takeover. However, Efi Gildor, who owns 4.8% and opposed the deal on the grounds that Eitan was the only winner, has since changed his mind and announced he would also vote in favor.
Gildor's representative in Israel, Adv. Osnat Leave, said, "Gildor has not changed his mind about the deal. Following the increase in the cash component of the deal and the agreement on community donations, Gildor decided to vote in favor." The community donations she is referring to is Eitan's $6 million charitable donations.
Yesterday, Clal Industries and Investments Ltd. (TASE: CII), which owns 8.6% of Saifun, announced that it would support the takeover, following the revision of the deal to increase the cash payment by $31.4 million. Clal Industries said, "In light of the improved conditions and after Clal examined the negative repercussions that might result from a rejection of the merger, Clal decided to support the deal."
Published by Globes [online], Israel business news - www.globes-online.com - on December 20, 2007
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