Elron Electronics begins $16.54-per-share partial tender offer for Given Imaging

By Lisa Kerner

Charlotte, N.C., May 16 - Elron Electronic Industries Ltd. began a tender offer to purchase 1,462,640 ordinary shares of Given Imaging Ltd. for $16.54 per share, or a total of $24.19 million.

Given Imaging stock (Nasdaq: GIVN) closed at $15.75 on Thursday.

The offer is slated to end at 10 a.m. ET on June 16, according to an Elron news release.

Elron said it currently owns approximately 8 million shares, or 27.4%, of Given Imaging.

In combination with its affiliates, Elron owns 12.7 million shares, or 43.5%, of the company's outstanding stock.

If the offer is fully subscribed, Elron will own 32.4% of Given Imaging, or a total of 48.5% together with its affiliates, the release said.

Elron added that the offer is contingent on at least 5.0%, or about 1.46 million shares, of Given Imaging being tendered.

The offer is not conditioned on financing or approval of Given Imaging's board of directors.

Elron is a technology holding company based in Tel Aviv, Israel.

Given Imaging, located in Yoqneam, Israel, markets a wireless imaging system used to detect disorders of the gastrointestinal tract.

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