KCPS Satellite's offer for Gilat Satellite remains $3.65 per share

By Lisa Kerner

Charlotte, N.C., July 7 - KCPS Satellite Communications, Ltd. said that despite suggestions by the Israeli press, it has no plans to increase its offer for 2,026,000 ordinary shares of Gilat Satellite Networks Ltd. to $6.00 per share from $3.65.

According to KCPS, its tender offer for the shares will expire at 10 a.m. ET on Thursday.

As previously reported, KCPS did not initially own any Gilat shares but entered into a voting agreement with a group of pooled investment vehicles managed by JGD Management Corp. doing business as York Capital Management.

York beneficially owns 8,121,651 Gilat shares, or approximately 20.2% of Gilat's outstanding shares.

Under the Israeli Securities Law and the agreement, KCPS and York jointly hold the 20.2% of Gilat shares currently held by York.

In order to raise the group's stake to 25% or more, the tender offer is being conducted as a special tender offer in order to meet Israeli law requirements, a prior news release said.

Altman Group (866 796-7184 or 201 806-7300) is the information agent for the offer, and American Stock Transfer & Trust Co. is the U.S. depositary.

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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