Elbit Systems Ltd. Announces Completion of the Tender Offer for 100% of Cyclone Aviation Products Ltd.HAIFA, Israel--(BUSINESS WIRE)--May 10, 1999-- Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. Ltd. (NASDAQ/NM symbol: ESLTF) announced today that it has completed the acquisition of the shares of Cyclone cyclone, atmospheric pressure distribution in which there is a low central pressure relative to the surrounding pressure. The resulting pressure gradient, combined with the Coriolis effect, causes air to circulate about the core of lowest pressure in a Aviation Products Ltd. ("Cyclone") of Karmiel, Israel. Elbit Systems now holds 100% of the issued and outstanding shares. As part of the tender offer, Elbit Systems has acquired approximately 82% of Cyclone's outstanding convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and is currently in the process of redeeming re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. the balance of the convertible debentures. Elbit Systems had previously announced its tender offer for 100% of the shares and debentures of Cyclone on March 9, 1999. Cyclone is a provider of maintenance and logistics services and support to aircraft and helicopter operators and manufactures aircraft structures and assemblies. About Elbit Systems Ltd. Elbit Systems Ltd. is engaged in a wide range of defense-related airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. , ground and command, control and communications ("C3") programs throughout the world. The Company focuses on upgrading of existing military platforms and developing new technologies for defense applications. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion