Radvision Ltd. (Nasdaq: RVSN; TASE: RVSN) today began a buyback of 5% of its shares at $7.30 per share, a 10% premium on yesterday's closing price on Nasdaq of $6.64, and NIS 24.64 on the TASE, giving a market cap of $129 million. The company is offering to buy 976,212 shares.
RadVision's share price rose 6.5% by mid-afternoon on the TASE today to NIS 26.25.
The buyback will expire on Thursday, September 2, 10:00 a.m., New York time, or 5:00 p.m., Israel time.
The company also scheduled an extraordinary general shareholders meeting for August 31, at its offices in Tel Aviv, to approve and ratify the offer, for which a special majority is needed.
RadVision currently has 19,524,230 issued shares, not including three million treasury shares. The shares purchased in the offer will be added to the treasury shares. RadVision chairman Zohar Zisapel owns 24.97% of the company, and will not participate in the buyback.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2010
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