Immune Pharmaceuticals raises $11.7m on Nasdaq
A source close to the deal says that Nochi Dankner wants a $1 billion valuation for the camera-in-a-pill company.
The share price of Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) is again rising strongly today on the TASE, after the announcement on Thursday that it was in talks on a merger or sale of the company. A source close to the talks told "Globes" today that there was "no chance" that IDB controlling shareholder Nochi Dankner would sell the company at less than a company value of $1 billion.
Elron Electronic Industries Ltd. (TASE: ELRN), a subsidiary of IDB Holding unit Discount Investment Corporation (TASE: DISI), owns 22% of Given Imaging, and Discount Investment owns 15.26%. Given Imaging has received several queries about an acquisition.
Given Imaging has a market cap of $561 million. The company, run by president and CEO Homi Shamir, develops, manufactures, and sells endoscopic capsules, the PillCam, for diagnosis of the small and large intestine.
On Thursday, Given Imaging announced, "In order to maximize growth and enhance shareholder value the company is currently evaluating a range of strategic options, including preliminary non-binding indications of interest received from a number of parties relating to a possible merger or sale of the company."
A possible reason for the sale is IDB's cash flow problems and Dankner's search for cash.
Given Imaging's share price rose 8.9% in morning trading on the TASE today to NIS 76.01, despite falling 0.2% on Nasdaq on Friday to $18.15.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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