Ceragon Networks Ltd (CRNT)

[midastouch017]

Ceragon chooses underwriters for $100m offering
Lehman Brothers and Bank of America will lead the offering, which could also include an offer to sale by the company's shareholders.
Gitit Pincas and Shiri Habib 3 Sep 07 17:08
Sources inform ''Globes'' that wireless backhaul solutions company Ceragon Networks Ltd. (Nasdaq: CRNT; TASE:CRNT) has selected Lehman Brothers and Bank of America as the underwriters for the $100 million offering it plans hold in the fourth quarter of 2007. If all goes according to plan, the Ceragon offering will Bank of America's first underwriting for an Israeli company in recent years since NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE) in 2005.
Lehman Brothers was a secondary underwriter for Ceragon seven years ago when, under the name of Giganet, it held its IPO, raising $98 million at $17 per share. It has since risen to more than $30 and fallen again and has now come full circle, trading once more at around $17. At one point in 2002, the stock price even below $1 per share.

Ceragon's principal shareholders are chairman Zohar Zisapel with 11.7%, and Yehuda Zisapel, with 10.8%. At the end of July US venture capital fund HarbourVest Partners LLC sold its 5.1% stake in Ceragon. The upcoming offering could also include an offer for sale by some of the company’s shareholders.

Ceragon is managed by CEO Ira Palti, and it currently has a market cap of $480 million. The company's spokesperson was unavailable for comment as of web posting.

Published by Globes [online], Israel business news - www.globes.co.il - on September 3, 2007