FIMI Fund offer to purchase for Gilat

FIMI wants to buy 5.1 million Gilat Satellite shares at $4.95 a share.

Ishay Davidi's FIMI Opportunity Funds published an offer to purchase for 12% of the shares of Gilat Satellite Networks Ltd. (Nasdaq: GILT; TASE: GILT), as announced by the company last month.

FIMI is offering to buy 5.1 million Gilat shares at $4.95 a share, close to the market price, making a total purchase price of $25 million.

FIMI will buy most of the shares from York Capital, which is exiting from its investment in Gilat. FIMI made its first investment in Gilat two years ago, buying 11% of the company's shares from investment institutions at NIS 14.30 a share, i.e. $3.60 a share at the rate of exchange prevailing at the time.

Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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