Elbit Systems Ltd (ESLT): Elbit Systems completes Tadiran Com buy...

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Re: DewDiligence post# 380

Monday, 04/30/2007 6:32:30 AM

Monday, April 30, 2007 6:32:30 AM

Elbit Systems completes Tadiran Com buy
The company will turn Tadiran Communications into a wholly-owned subsidiary.
Globes’ correspondent 29 Apr 07 10:29
Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has successfully completed its offer to buy Tadiran Communications Ltd. (TASE: TDCM).
Elbit Systems said that it bought 6.7 million Tadiran Communications shares, 51.16% of the outstanding shares, when the offer expired at 2:00 pm on April 26. The company paid NIS 210 per share for a total of $350 million.

With the success of the offer to purchase, Elbit Systems will buy the remaining shares of Tadiran Communications from shareholders who did not accept the offer to buy, and will turn Tadiran Communications into a private, wholly-owned subsidiary of the company.

Elbit Systems president and CEO Joseph Ackerman said, "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."

Published by Globes [online], Israel business news - www.globes.co.il - on April 29, 2007