Here it is,
Meir Shamir negotiating acquisition of Elbit Vision
Elbit Vision is traded over-the-counter at a market cap of $13 million.
Roy Meltzer 20 Jul 05 17:57
Sources inform "Globes" that after enlarging his holding in Gilat Satellite Networks (Nasdaq: GILTF; TASE: GILTF) and acquiring 29% of Israel Salt Industries (TASE: SALT), Meir Shamir is now negotiating the purchase of controlling interest in Elbit Vision Systems(Nasdaq: EVSNF.OB).
Details of the deal have not yet been settled, but it is believed that Shamir will acquire control of Elbit Vision with a stake of over 50%. Shamir is expected to acquire the holdings of Elbit Vision’s principal shareholders, including the Alon family, ScanMaster Systems, and Israel Phoenix Assurance (TASE: PHOE1;PHOE5). IDB Holding Corp. (TASE: IDBH) subsidiary Elron Electronic Industries (Nasdaq: ELRN; TASE: ELRN), which owns 11% of Elbit Vision, will probably not sell its stake.
Elbit Vision’s market cap is $13 million, following a 19% rise in the share over the past week.
In 2004, Elbit Vision acquired South Korean company Yuravision and Hod Hasharon-based ScanMaster for $8.5 million. ScanMaster is headed for a London IPO in late 2005 at an estimated company value of $35 million.
Following its recent acquisitions, Elbit Vision has expanded to other business fields. In addition to its regular business in optical networks for the textile industry, the company has also moved into detecting defects in printed circuits, plastics, and microelectronics, as well as manufacturing and marketing of ultrasound testing equipment. Elbit Vision’s products are aimed at the auto and transportation market, the steel industry, and the aerospace industry.
After Elbit Vision held its IPO in 1996, a controlling interest in the company was sold in 2001 to textile company Altro Vienna, controlled by the Alon family. CEO Nir Alon is friendly with Shamir. The two men share an interest in the Hapoal Petah Tikva soccer club. Alon played for the team as a rear defender, and was even selected for Israel’s national team. Shamir was a sponsor of the team for years, and abandoned his sponsorship only recently.
If it goes through, the current deal will not be Shamir’s first business initiative with people linked to the soccer club. In May, he sold Wizcom Technologies (XETRA: WZM), one of Mivtach Shamir Holdings’ (TASE: MISH) portfolio companies, to Ronen Elad for $2.2 million.
Published by Globes [online] - www.globes.co.il - on July 20, 2005
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