IDAN SOFTWARE INDUSTRIES - I.S.I. LTD. ANNOUNCES TERMINATION OF AGREEMENT WITH TADIRAN LTD.
TEL-AVIV, Israel, April 1 /PRNewswire/ -- Idan Software Industries - I.S.I. Ltd. (NASDAQ: IDANF) announced today the termination of its previously announced agreement in principle with Tadiran Ltd. (NYSE: TAD) by which Tadiran, subject to the approval of its board of directors, was to purchase approximately 4 million ordinary shares of Idan at a purchase price of US$1.22 per share. The agreement in principle originally contemplated that the Tadiran board would act on this matter during February, 1993 and then, at the request of Tadiran, this period was extended until March 31, 1993. However, the Tadiran board has still not made a determination whether to proceed with the transaction. In light of this and the fact that in early March Idan completed a private placement of approximately 2.5 million shares at a purchase price of approximately US$1.43 per share, 17 percent in excess of the Tadiran purchase price, Idan decided to terminate the agreement. Idan, through its majority-owned subsidiary, Elitec Industries 77 Ltd., sells telecommunications services in Israel and internationally. The ordinary shares of Elitec are traded on the Tel Aviv Stock Exchange. -0- 4/1/93 /CONTACT: Gad Goldstein of Idan Software Industries - I.S.I. Ltd., 972-3-563-3030 (in Israel)/ (IDANF)
CO: Idan Software Industries - I.S.I. Ltd.; Tadiran Ltd. ST: IN: CPR SU:
LR-SH -- NY086 -- 2133 04/01/93 15:03 EST
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|Date:||Apr 1, 1993|
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