Elbit Systems Acquires Through a Tender Offer the Balance of Tadiran Communications' Shares http://biz.yahoo.com/prnews/070426/ukth033.html?.v=4
Thursday April 26, 1:18 pm ET
HAIFA, Israel, April 26 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (Nasdaq: ESLT ; the "Company") announced today the successful completion of its previously announced Cash Tender Offer for balance of the ordinary shares of Tadiran Communications Ltd. (TASE: TDCM) ("Tadiran") (the "Offer").
The Offer expired at 2:00 p.m., Israel time, on April 26, 2007, with 6,690,801 Tadiran shares tendered and accepted for purchase under the terms of the Offer for a price of 210 New Israeli Shekels per share. The total amount paid for the tendered shares was approximately $350 million, based on current exchange rates. These shares, which represent approximately 51.16% of the total outstanding ordinary shares of Tadiran (approximately 52.85% of the voting rights), satisfy the legally required majority under the terms of the Offer.
As a result, and in accordance with the provisions of Israeli law relating to tender offers, the Company will acquire under the terms of the Offer, the remaining shares of Tadiran from those Tadiran shareholders who did not provide an acceptance notice relating to the Offer. Accordingly, Tadiran will become a private, wholly-owned subsidiary of the Company.
Joseph Ackerman, President and CEO of Elbit Systems Ltd., commented: "The acquisition of Tadiran Communication is in line with our long-term strategy of growth through mergers and acquisitions of complementary companies with high synergistic value." Mr. Ackerman further noted that "Tadiran Communications is an excellent company with advanced technology products that have proven operational success with numerous defense forces worldwide, including the Israel Defense Forces. Tadiran's areas of business complement those of Elbit Systems and represent a significant force multiplier, further leveraging the Elbit Systems Group's depth and versatility and enabling us to offer our customers even more comprehensive turn-key solutions based on the Group's collective strengths."