OPTROTECH ANNOUNCES CLOSING OF TRANSACTION WITH ORBOT SYSTEMS LTD. AND NAME TO BE CHANGED TO ORBOTECH LTD.
OPTROTECH ANNOUNCES CLOSING OF TRANSACTION WITH ORBOT SYSTEMS LTD. AND NAME TO BE CHANGED TO ORBOTECH LTD. NES ZIONA, Israel, Oct. 27 /PRNewswire/ -- Optrotech Ltd. announced today that the previously announced transaction between Optrotech and Orbot Systems Ltd. was completed today. At the closing, 5,998,055 new ordinary shares of Optrotech were issued to the Orbot shareholders in exchange for all the outstanding Orbot shares. In addition, 99,137 new Optrotech options were issued to the holders of Orbot options in exchange for their outstanding Orbot options. After the transaction, the existing Orbot shareholders will own approximately 50 percent of the outstanding share capital of Optrotech immediately following the transaction on a fully diluted basis. The name of Optrotech Ltd. is expected to be changed to Orbotech Ltd. (New NASDAQ-NMS: ORBKF). The previously announced $6 million cash dividend will be paid on Jan. 25, 1993 to shareholders of record of Optrotech Ltd. on Oct. 26, 1992 other than to certain principal shareholders who have agreed to defer the receipt of the dividend. Pursuant to the terms of the transactions, Orbot will be merged into Optrotech. The parties are continuing their discussions with the Federal Trade Commission in an attempt to resolve concerns expressed by the staff of the Federal Trade Commission regarding the potential anti-competitive effects of the merger in the United States. Optrotech Ltd. is a major supplier of inspection equipment, CAD/CAM products and laser plotters. Orbot Systems Ltd. is an Israeli company which is in the business of the application of machine vision for factory automation. -0- 10/27/92 /CONTACT: Hildy Shandell of Optrotech Ltd., 212-318-3000/ (ORBKF) CO: Optrotech Ltd.; Orbot Systems Ltd. ST: IN: SU:
AH-OS -- NY018 -- 5203 10/27/92 09:07 EST
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|Date:||Oct 27, 1992|
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