Elron tenders for up to NIS 9.1 million Starling convertibles

By Susanna Moon

Chicago, Oct. 13 - Elron Electronic Industries Ltd. said it began a tender offer for up to 10,139,455 of Starling Advanced Communications Ltd.'s convertible debentures.

The offer will end at 8 a.m. ET on Oct. 27.

Elron said it will pay NIS 0.90 each for the convertibles, or a total of NIS 9.1 million.

The company holds 16,314,123 Starling debentures of a total of 42,364,000 outstanding.

Starling is 68% directly and indirectly held by Elron and Rafael Development Corp. Ltd.

Elron is a technology holding company based in Tel Aviv, Israel. Starling produces antenna systems and is based in Yoqneam, Israel.

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