The most notable of the new parties at interest of Israeli companies listed on Nasdaq is York Capital Management LLC, which now owns 10.7% of Radware Ltd. (Nasdaq: RDWR), making it the second largest shareholder in the company after Yehuda Zisapel's 16.9%>
Four Israeli companies listed on Nasdaq have new parties at interest according to their filings with the US Securities and Exchange Commission (US Securities and Exchange Commission (SEC): Radware BigBand Networks Inc. (Nasdaq:BBND), DSP Group Inc. (Nasdaq: DSPG), and Zoran Corp. (Nasdaq: ZRAN).
York Capital invested in Radware after, its share price more than doubled over the past year. Radware's share price rose 9.3% in early trading on Nasdaq today to $41.86, giving a market cap of $852 million. The share soared following reports by "Globes" that it was a candidate for Hewlett Packard Co. (NYSE: HPQ).
Zoran, which is battling shareholder Ramius, also has a new party at interest: Pzena Investment, which unlike Ramius, has no plans to change Zoran's board of directors, according to its filing with the SEC.
Parties at interest in other Israeli companies on Wall Street have sold part of their holdings, though no one has liquidated a holding altogether. Companies affected include Amdocs Ltd. (NYSE: DOX), Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT), Orbotech Ltd. (Nasdaq: ORBK), and Radvision Ltd. (Nasdaq: RVSN; TASE: RVSN). The number of parties at interest reducing their holdings exceeds the number increasing their holdings, especially in companies whose shares have risen strongly in the past year. In short, parties at interest are acting cautiously, making profits, while continuing to own shares in hopes of a further upside.
Published by Globes [online], Israel business news - www.globes-online.com - on February 13, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011