KUALA LUMPUR, Oct 27 (Bernama) -- Private equity fund FIMI has commenced a cash tender offer to purchase 5,166,348 ordinary shares of Gilat Satellite Networks Ltd. ("Gilat") for $4.95 per share from another private equity fund known collectively as York.
If more than the maximum number of shares offered to be purchased in the tender offer, FIMI would purchase shares on a pro rata basis, said a statement issued here today.
FIMI, a controlling shareholder of Gilat, currently owns 9,776,324 ordinary shares in the company, representing approximately 23.0 percent of Gilat's outstanding shares. If FIMI purchases 5,166,348 Gilat Shares in the tender offer, FIMI will own approximately 35.1 percent of Gilat's outstanding shares.
FIMI funds are made up of FIMI Opportunity IV, L.P, FIMI Israel Opportunity IV, Limited Partnership, FIMI Opportunity V, L.P and FIMI Israel Opportunity Five, Limited Partnership (collectively "FIMI").
The York funds are made up of York Capital Management, L.P., York Multi-Strategy Master Fund, L.P., York Credit Opportunities Fund, L.P., York Credit Opportunities Master Fund, L.P., Jorvik Multi-Strategy Master Fund, L.P. and Permal York Ltd. (collectively, "York").
-- BERNAMA/MREM
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