OPTROTECH LTD. ANNOUNCES SHAREHOLDER APPROVAL OF TRANSACTION WITH ORBOT SYSTEMS LTD.
OPTROTECH LTD. ANNOUNCES SHAREHOLDER APPROVAL OF TRANSACTION WITH ORBOT SYSTEMS LTD. NES ZIONA, Israel, Oct. 14 /PRNewswire/ -- Optrotech Ltd. (NASDAQ-NMS: OPTKF) today announced that all proposals with regard to the transaction pursuant to the previously announced agreement among Optrotech, its principal shareholders (Elron Electronic Industries Ltd. (NASDAQ-NMS: ELRNF) and Claridge Israel Inc.), Orbot Systems Ltd. and the shareholders of Orbot with regard to the merger of Optrotech and Orbot have been approved by Optrotech's shareholders at an extraordinary general meeting held on Oct. 14, 1992. The shareholders also approved a change of Optrotech's name to Orbotech Ltd. effective upon the closing of the transaction. Optrotech expects to announce shortly a closing date for the transaction at the time of which announcement a record date for the previously announced cash dividend of approximately $6,000,000 (approximately $.99 per share) to be paid to Optrotech's shareholders will be set. Subject to closing of the transaction, the dividend will be paid on the 90th day following the closing to shareholders of Optrotech on the record date other than to certain principal shareholders who have agreed to defer the receipt of the dividend. As previously announced, Optrotech and Orbot have been requested by the staff of the Federal Trade Commission to delay closing of the transaction pending completion of the staff's investigation of the proposed transaction's potential anti-competitive effect. Optrotech and Orbot are in discussions with the staff in connection with such request. -0- 10/14/92 /CONTACT: Richard Gilden or Hildy Shandell, 212-318-3000, for Optrotech/ (OPTKF ELRNF) CO: Optrotech Ltd.; Orbot Systems Ltd. ST: IN: SU: TNM
GK-AH -- NY055 -- 9970 10/14/92 14:38 EDT
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|Date:||Oct 14, 1992|
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