Elbit Systems Ltd. Issues a Tender Offer for Cyclone Aviation Products Ltd.HAIFA, Israel--(BUSINESS WIRE)--March 9, 1999--Elbit Systems Ltd. (NASDAQ/NM symbol: ESLTF) announced today that the Company's Board of Directors has approved the issuance of a tender offer for 100% of the shares and debentures 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, both of which are traded on the Tel-Aviv Stock Exchange for a total of approximately $10 million. Cyclone provides maintenance and logistics services and support to aircraft and helicopter operators and manufactures aircraft structures and assemblies. The tender offer will consist of: (1) an offer to purchase Cyclone's shares outstanding at a price of 63.16 NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. ($15.68) per share, which represents a premium of 75% over the March 8, 1999 closing price on the Tel-Aviv Stock Exchange of 36.1 NIS per share; and, (2) an offer to purchase all of Cyclone's Debentures (Series 2 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. ), at a price of 175 percent of the 1 NIS par value of each debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. . Said tender offer is for the purpose of acquiring all of the share ownership of Cyclone, subject to applicable laws and regulations. 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. plans to issue the tender offer for the Cyclone shares and debentures in the coming days. 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. |
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