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Completion of Gilat Satellite buyout by private investors in question
By Lisa Kerner
Charlotte, N.C., Aug. 14 - The group of private equity investors set to buy Gilat Satellite Networks Ltd. questioned whether or not Gilat has fulfilled all of the required closing conditions under the parties' March agreement, according to a Gilat news release.
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.
According to Gilat, the parties remain in discussions to close the deal in the timeframe outlined in the merger agreement.
It was previously reported that the merger was expected to occur by Sept. 28.
Gilat maintains that it has met the conditions and has notified the investor group that the conditions were met, a company news release said.
The transaction was subject to, among other conditions, regulatory clearance from the U.S. Federal Communications Commission and the Committee on Foreign Investment in the United States, Gilat noted previously.
In July Gilat shareholders approved a $475 million buyout of the company by Galactic Holdings Ltd. and Galactic Acquisition Co. Ltd. Shareholders will receive $11.40 per share under the plan.
Galactic Acquisition will be merged into Gilat, and Gilat will continue as the surviving entity becoming a wholly owned subsidiary of Galactic Holdings.
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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