Elscint Limited Announces Satisfaction of All Conditions to Closing of the Merger by way of Exchange of Shares With Elbit Medica
22 November 2005 - 2:52AM
PR Newswire (US)
TEL AVIV, Israel, Nov. 21 /PRNewswire-FirstCall/ -- Elscint Limited
(NYSE: ELT) ("Elscint") announced today that all the conditions to
the closing of the merger by way of an exchange of shares between
Elscint and Elbit Medical Imaging Ltd. ("EMI"), the indirect
controlling shareholder of Elscint, have been satisfied (the
"Merger"). The closing of the Merger has been set for November 23,
2005 (the "Closing"). At the Closing, each ordinary shares of
Elscint, NIS 0.05 par value (other than Elscint ordinary shares
held by or for the benefit of EMI and Elscint), will be converted
into the right to receive 0.53 ordinary shares of EMI, NIS 1 par
value each. Elscint ordinary shares will cease to trade on the New
York Stock Exchange and Elscint will become a wholly-owned
subsidiary of EMI on such date. About Elscint Limited Elscint
Limited is engaged in two principal businesses: Hotel development
and leisure, and investments in bio-technology companies. Elscint
has interests in hotels in Western Europe, in hotel development
projects, principally in Western and Central Europe, and in the
commercial and entertainment center at the Marina in Herzlia,
Israel. In the bio-technology field, Elscint invests in high
potential start-up companies, and provides business guidance and
professional advice to such companies for the development of
business plans, research and development and marketing programs.
More information regarding the Company is available at:
http://www.elscint.net/ This release contains certain
forward-looking statements, which involve known and unknown risks,
uncertainties or other factors not under the Company's control. The
Company does not undertake to update the information set forth in
this release. For Further Information: Company Contact Investor
Contact Abraham (Rami) Goren Kathy Price Elscint, Ltd. The Global
Consulting Group +972-3-608-6020 +1-646-284-9430 DATASOURCE:
Elscint Limited CONTACT: Company, Abraham (Rami) Goren, Elscint,
Ltd., +972-3-608-6020, , or Investor, Kathy Price, The Global
Consulting Group, +1-646-284-9430, Web site:
http://www.elscint.net/
Copyright