Gilat Satellite shareholders to decide going-private transaction on July 3

By Lisa Kerner

Charlotte, N.C., May 30 - Gilat Satellite Networks Ltd. urged its shareholders to vote in favor of a $475 million buyout by a consortium of private equity investors at a special meeting on July 3.

Gilat shareholders will receive $11.40 cash per share, it was previously reported.

Shareholders are also asked to vote to extend chief executive officer and chairman Amiram Levinberg's employment for an additional year, according to a form 6-K filed with the Securities and Exchange Commission.

In March, Gilat announced it agreed to be taken private by the investor group that includes the Gores Group LLC, Mivtach Shamir Holdings Ltd., companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe and DGB Investments, Inc.

Gilat said the transaction is not conditioned on financing and is expected to close by September.

Based in Petah Tikva, Israel, Gilat provides internet protocol-based digital satellite communication and networking products and services. The company produces very small aperture terminals and related network equipment.

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