Elron increased its holdings from 19.3% to 21.2%; Discount Investment acquired a similar number of shares.
IDB Corp. chairman Nochi Dankner continues to believe in Given Imaging (Nasdaq: GIVN; TASE: GIVN), despite the 50% plunge in its share over the last twelve months. IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Elron Electronic Industries (Nasdaq: ELRN; TASE: ELRN), which is controlled by Dankner announced today that it had acquired 540,000 regular Given Imaging shares for $10 million.
The acquisition comes two weeks after Given Imaging’s disappointing quarterly results, which cut annual forecasts. Elron’s latest acquisition (through its direct holdings and those held through its subsidiary, Rafael Development Corp.) has increased its stake in Given Imaging to 21.2% from 19.3%.
In a parallel move, a second IDB subsidiary Discount Investment Corporation (TASE: DISI), also controlled by Dankner, which owns a 48% equity stake in Elron, acquired a similar number of shares in Given Imaging, increasing its stake in the company to 14.3% from 12.4%.
Published by Globes [online], Israel business news - www.globes.co.il - on August 9, 2006
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