Discount Investment Corporation Completes Partial Cash Tender Offer for Elron
August 22 2004 - 4:33AM
PR Newswire (US)
Discount Investment Corporation Completes Partial Cash Tender Offer
for Elron TEL AVIV, Israel, Aug. 22 /PRNewswire-FirstCall/ --
Discount Investment Corporation Ltd. (TASE:DISI) today announced
that that it has successfully completed its previously-announced
tender offer to purchase 2,203,425 ordinary shares of Elron
Electronic Industries Ltd. (Nasdaq & TASE: ELRN) for $15.00 per
share, net to the seller in cash, less any required withholding
taxes and without interest. The tender offer, which commenced on
July 16, 2004, expired on Friday, August 20, 2004 at 5:00 p.m., New
York time (12:00 midnight, Israel time). Discount Investment has
been advised by the depositaries for the tender offer that, as of
the final expiration of the tender offer, a total of 13,329,734
Elron shares had been validly tendered and not properly withdrawn
pursuant to the offer. As contemplated in the offer to purchase,
Discount Investment has accepted for purchase 2,203,425 shares on a
pro rata basis from all tendering shareholders, based on a
proration factor of 16.53014%. Payment for the shares accepted will
be made promptly through American Stock Transfer & Trust
Company or Clal Finance Batucha Investment Management Ltd., the
depositaries for the tender offer. After payment for the shares
tendered in the offer and accepted for payment, Discount Investment
will beneficially own 13,443,658 ordinary shares of Elron,
representing approximately 45.8% of the issued and outstanding
shares of Elron. Forward-Looking Statements: This press release may
contain forward-looking statements. The accuracy of such statements
is subject to a number of risks, uncertainties and assumptions that
may cause actual results to differ materially from those projected,
including, but not limited to, the effect of general economic
conditions, political events and fluctuations in the share price of
Elron. Discount Investment undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise. About Discount Investment
Corporation Ltd.: Discount Investment is an Israeli holding company
founded in 1961, whose shares are listed on the Tel Aviv Stock
Exchange under the symbol "DISI." Discount Investment holds
investments in companies, predominantly companies located in Israel
or that are Israel-related, operating mainly in the fields of
advanced technology, communications, industry, real estate and
commerce. Oren Lieder Senior Vice President and Chief Financial
Officer 972-3-607-5888 DATASOURCE: Discount Investment Corporation
Ltd. CONTACT: Oren Lieder, Senior Vice President and Chief
Financial Officer of Discount Investment Corporation Ltd.,
+972-3-607-5888,
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