Sources inform ''Globes'' that Valor Computerized Systems Ltd. (XETRA: VCR), one of the few Israel companies on the Frankfurt Stock Exchange, is due to complete its sale to Mentor Graphics Inc. (Nasdaq: MENT) today, or within the next few days at the latest. "Globes" reported about the deal two months ago.
Valor was sold at €3.10 per share, reflecting a company value of $81 million. The share rose 4.1% today to €2.80, giving a premium of about 10%. Valor's share has risen 160% since the beginning of the year.
Valor develops productivity improvement software for printed circuit boards (PCB), including design, fabrication, and assembly. The company was founded 18 years ago as a side effect of the creation of Orbotech Ltd. (Nasdaq: ORBK) from the merger of Optronic and Orbot. Valor was founded by former Orbotech executives Ofer Shofman, who served as president and CEO, Charles Feingold, Moshik Kovarsky, Shlomo Almog, and Shmuel Dolberg. Only Feingold is still with the company, as a director. The current president and CEO is Dan Hoz.
DS Apex Holdings Ltd. (TASE:DSAP) owns 18.8% of Valor. Almog and Dolberg each own 8.4%, and Kovarsky owns 7.6%.
Mentor Graphics has a market cap of $891 million. It posted a net loss of $88.8 million on $789.1 million revenue in its fiscal year 2008, which ended on January 31, 2009. It posted a net profit of $28.8 million in fiscal year 2007. The company manufactures software and hardware for the design of appliances, and has 4,500 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on October 12, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009