Elbit Systems Acquires Through a Tender Offer the Balance of Tadiran Communications' Shares
April 26 2007 - 2:18PM
PR Newswire (US)
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." About Elbit Systems Ltd. Elbit Systems Ltd. is an
international defense electronics company engaged in a wide range
of defense-related programs throughout the world. The Elbit Systems
Group, which includes the company and its subsidiaries, operates in
the areas of aerospace, land and naval systems, command, control,
communications, computers, intelligence, surveillance and
reconnaissance ("C4ISR"), advanced electro-optic and space
technologies, EW suites, airborne warning systems, ELINT systems,
data links and military communications systems and equipment. The
Group also focuses on the upgrading of existing military platforms
and developing new technologies for defense and homeland security
applications. STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT
HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN
AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE
COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE
RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE
FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT
LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH
THE SECURITIES AND EXCHANGE COMMISSION. Contacts: Company Contact:
Joseph Gaspar, Corporate VP & CFO Dalia Rosen, Director of
Corporate Communications Elbit Systems Ltd Tel: +972-4-8316663 Fax:
+972-4-8316944 E-mail: IR Contact: Ehud Helft / Kenny Green G.K.
Investor Relations Tel: +1-866-704-6710 Fax: +972-3-607-4711
E-mail: DATASOURCE: Elbit Systems Ltd CONTACT: Contacts: Company
Contact: Joseph Gaspar, Corporate VP & CFO, Dalia Rosen,
Director of Corporate Communications, Elbit Systems Ltd, Tel:
+972-4-8316663, Fax: +972-4-8316944, E-mail: , ; IR Contact: Ehud
Helft / Kenny Green, G.K. Investor Relations, Tel: +1-866-704-6710,
Fax: +972-3-607-4711, E-mail:
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