Elron Electronic Industries Sold 200,000 Shares of Zoran.Business Editors HAIFA Haifa (hī`fä), city (1994 pop. 246,700), NW Israel, a port on the Mediterranean Sea, at the foot of Mt. Carmel. Haifa is the chief city of N Israel and the country's principal oil refining center. , Israel--(BUSINESS WIRE)--June 6, 2000 Elron Electronic Industries Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ELRNF) a leading multinational high technology holding company, announced today that it has hedged the price of approximately 250,000 shares of Zoran Corporation This article is about Zoran corporation. For other uses, see Zoran. Zoran Corporation is a multinational digital technology company, headquartered in Silicon Valley. The name Zoran is derived from the Hebrew word for silicon. ("Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
The hedging was accomplished by purchase of put options and by selling call options in the market, in a strike price-range of $35 - $50, for periods of four and seven months. In addition, Elron has completed the sale of approximately 200,000 shares of Zoran for an average price of approximately $42 per share. As a result of the sales, Elron will record, in the second quarter of 2000, an estimated gain, net after tax, of approximately $5.5 million. Consequently, Elron holds 520,466 shares of Zoran, which represent approximately 3.7% of Zoran's share capital. These steps were taken as part of the Company policy to limit its exposure to market risks. Elron intends to continue this policy, where possible, in the future. Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit http://www.elron.com Any statements in this press release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider. |
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