Elbit Systems Ltd. Enters Into Negotiations for a Possible Merger With Elop Electro-Optics Industries Ltd.HAIFA, Israel--(BUSINESS WIRE)--June 21, 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 on June 18, 1999 the Board of Directors of Elbit Systems authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the Company's management to enter into negotiations with Elop Electro-Optics Industries Ltd. ("Elop") and its shareholders regarding a possible statutory merger, under Israeli law Israeli law Legal practices and institutions of modern Israel. The ancient people of Israel created the law of the Torah and the Mishna (the latter was later incorporated into the Talmud). , of Elop into Elbit Systems. The merger would result in the issuance of ordinary shares of Elbit Systems to Elop's current shareholders. Elop is a privately-held Israeli defense company owned by the Federman Group. The notification regarding authorization The right or permission to use a system resource; the process of granting access. See access control. of Elbit Systems' management to commence negotiations for the potential merger is being given due to legal requirements in Israel that require disclosure of such negotiations to be made at their outset, rather than at their conclusion, as is customary in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Since the negotiations are just exploratory at this time, there can be no assurance that any agreement or transaction will be concluded. Moreover, if a merger agreement were to be reached, any proposed merger would be subject to approvals required under law, including approval by the boards of directors, the shareholders and creditors of Elbit Systems and Elop, as well as various government approvals in the United States and various government and judicial approvals in Israel. 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