Elbit offer for ITL succeeds

Elbit unit Elsec will purchase the ITL shares held by the public for a total of about NIS 21.5 million.

Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) said today that the requirements for the implementation of its cash tender offer for ITL Optronics Ltd. (TASE: ITL) were met, and the transaction will go through.

Elbit offered, through its wholly-owned subsidiary Elsec (Elbit Security Systems Ltd.), to buy all of the public's shares in ITL. Elbit had previously said that the tender offer would not be implemented if holders representing 5% or more of the total outstanding ITL ordinary shares did not accept the tender offer.

Elbit, through Elsec, already owned 87.85% of ITL's outstanding share capital, and the offer was for the remaining 12.15%. Elsec will purchase ITL shares held by the public, at the tender offer price of NIS 12.50 (about $3.40) per share, for a total of NIS 21,533,100 (approximately $5.9 million).

Elbit shares rose to $50.90 yesterday, giving a market cap of $2.17 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018