search
Front > News

Satellite co Gilat signs compensation for failed buy

10 Aug, 2010 11:31
שלח תגובה במיילHillel Koren

Gilat will receive $20 million under the settlement.

Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT) today signed settlement agreements with Mivtach Shamir Holdings Ltd. (TASE:MISH), LR Group Ltd., Gores Capital Partners II LP, and DGB Investments Inc. in the litigation over the termination of the March 2008 acquisition agreement. Gilat will receive $20 million under the settlement.

Over half of the settlement will be paid by October 1, 2010 with the remainder to be paid in three annual installments through October 2013.

Gilat said that the settlement was reached after it sued the buyers in the Tel Aviv District Court in November 2008. Gilat demanded $47 million for the cancellation fee, pursuant to the merger agreement, which had been approved in July 2008 by Gilat's general shareholders meeting.

The settlement will terminate all court proceedings filed by Gilat against each of the defendants.

Gilat's share closed at $5.65 on Nasdaq yesterday, giving a market cap of $227 million. The share price fell 1.5% in morning trading on the TASE today to NIS 21.20.

Published by Globes [online], Israel business news - www.globes-online.com - on August 10, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

Hearst Tower New York credit: Shutterstock Hearst Ventures shuts down Israel office

The closure is part of a global move to shut down offices outside the US, but the fund will continue investment in Israeli companies.

US President Donald Trump credit: Shutterstock US reciprocal procurement demands put Israel in a bind

Reciprocal procurement on major tenders injects billions of dollars into Israel every year and supports hundreds of local companies but Israel may need to relax them in exchange for US tariff cuts.

Israeli stocks on Wall Street credit Nasdaq, Raanan Tal, Itay Tagar, Space Cut design: Tali Bogdanovsky Despite turmoil, analysts bullish on Israel Wall Street stocks

After recent strong declines, analysts are tipping Israeli tech stocks, with relative immunity to recession and limited exposure to tariffs.

Intel's 2025 vision credit: Intel Will Intel's sell-off include Israeli assets?

After the sale of Altera, "Globes" considers whether the troubled chipmaker will sell Mobileye or its Kiryat Gat fab.

CloudShare management team credit: PR Bow River Capital buys Israeli co CloudShare

The Denver-based alternative asset manager is paying an estimated $60-80 million for the SaaS provider of AI guided solutions for complex technical training requirements.

Housing prices continue to rise credit: Tali Bogdanovsky Israel's housing price rise riddle

Despite a huge inventory of unsold new homes in central Israel and weak sales, apartment prices are still rising. "Globes" analyzes the data.

Inflation credit: Tali Bogdanovsky March CPI higher than expected, housing prices rise

The March reading brings annual inflation in Israel down to 3.3% from 3.4% at the end of February.

Ben Gurion airport credit: Tali Bogdanovsky Abundance of affordable last minute Passover flight deals

The return of foreign airlines to Israel has brought down fares dramatically even for last minute vacations.

Karish rig credit: Eyal Izhar Kesem Energy signs gas deals worth $2.8b

The power plant, scheduled to begin operating in 2029, will buy gas worth $2 billion from Energean and a further $700-800 million from the Tamar partners.

Kosher for Passover Coca Cola bottles credit: social media Why are yellow cap Coca Cola bottles different from all others?

Nostalgic Coca Cola aficionados claim that the kosher for Passover version, made from sugar cane instead of high fructose corn syrup, is the genuine taste of the soft drink.

Avigdor Willenz credit: Intel Exclusive: Avigdor Willenz's Element Labs raises $50m

The Israeli startup is developing AI processors for inference, the stage in which AI models are activated after they have already been trained.

Ilya Sutskever credit: Cadya Levy SSI hiring dozens in Israel

AI company Safe Superintelligence is hiring many dozens of people in Tel Aviv, "Globes" has learned.

Johny Srouji credit: Amos Ben Gershom GPO Apple SVP leads senior delegation of execs to Israel

Jony Srouji: I am always filled with renewed energy and optimism about our shared achievements when I visit our R&D centers here.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Ramat Gan, Petah Tikva, Givat Shmuel, Tiberias and Dimona.

Infinity Tower Tel Aviv credit: Courtesy Hagag Group French investors buy 2 Tel Aviv apartments for NIS 27.5m

The two apartments are in Hagag Group's Infinity Tower in the Summeil district.

El Al plane credit: Shutterstock El Al receives state approval to distribute dividend

The Israeli airline has now announced that it will be able to distribute up to 30% of net profit in 2025 and up to 40% in 2026-2028.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018