Printer Friendly

TADIRAN'S UNDERWRITERS WILL EXERCISE POST-IPO OPTION AND PURCHASE 833,000 SHARES FOR $11.3 MILLION

 TADIRAN'S UNDERWRITERS WILL EXERCISE POST-IPO OPTION AND PURCHASE
 833,000 SHARES FOR $11.3 MILLION
 HOLON, Israel, Aug. 31 /PRNewswire/ -- Tadiran Limited (NYSE: TAD) announced today that it has been notified that Merrill Lynch & Co., together with The First Boston Corporation, Lehman Brothers, and all other underwriters of its recently completed 7-million-share initial public offering, will exercise their option to purchase additional Tadiran ordinary shares at the offering price of $14.50 per share. Shares of the Israel-based electronics and telecommunications company began trading on the New York Stock Exchange on Aug. 6, 1992.
 The transaction, scheduled to be consummated in New York City on Wednesday, Sept. 2, 1992, will consist of 833,000 shares and produce net proceeds of approximately $11.3 million, after deducting underwriters' discounts and commissions. The selling shareholders are Tadiran and its parent company, Koor Industries, Ltd. Tadiran will sell 214,164 shares and receive approximately $2.9 million, while Koor will sell 618,836 shares and receive approximately $8.4 million. After the transaction, Koor, Israel's largest industrial company, will hold approximately 59 percent of Tadiran's stock. The underwriters' post-IPO option was for up to an additional 1,050,000 shares of Tadiran's ordinary shares,.
 Separately, Tadiran reported that Yitzhak Forer resigned from its board of directors for personal reasons. Forer had been a member of the board since 1990.
 Tadiran designs, develops, manufactures, and markets a wide range of sophisticated telecommunications equipment, defense electronic systems and computer software products, which are sold to customers in more than 50 countries. In addition, Tadiran is one of the largest manufacturers of air conditioners and refrigerators in Israel and is a leading manufacturer of lithium thionyl chloride batteries. Tadiran Electronic Industries, Inc., is a U.S. subsidiary of Tadiran Limited.
 -0- 8/31/92
 /CONTACT: Gil Oren of Tadiran Limited, 212-947-4600, or Stuart Pearlman of Stuart Pearlman & Co., Inc., 212-370-4940, for Tadiran/
 (TAD) CO: Tadiran Limited ST: IN: ARO SU:


LR-TS -- NY014 -- 4833 08/31/92 09:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 31, 1992
Words:333
Previous Article:MICHIGAN RIVET ANNOUNCES THIRD-QUARTER EARNINGS
Next Article:GMIS APPOINTS NATIONALLY RECOGNIZED MANAGED CARE EXPERT TO BOARD OF DIRECTORS
Topics:


Related Articles
PAGENET ANNOUNCES THE EXERCISE OF OVERALLOTMENT OPTION BY IPO UNDERWRITING GROUP
TADIRAN REPORTS SECOND QUARTER NET INCOME OF $8.4 MILLION
IDAN SOFTWARE INDUSTRIES-I.S.I. LTD. COMPLETES PRIVATE PLACEMENT
TADIRAN RECEIVES SEVERAL MAJOR MILITARY COMMUNICATIONS CONTRACTS VALUED AT $110 MILLION
BEAZER HOMES USA AND BEAZER AMERICA, INC. SELL ADDITIONAL IPO SHARES
THE SPORTS AUTHORITY INITIAL PUBLIC OFFERING BEGINS
DSP Group Announce the Initial Public Offering of Its Subsidiary - AudioCodes Ltd.
Pru IPO raises nearly $4 billion. (Companies).
Elbit Systems Announces the Effect on its Financial Results of Tadiran Communications Share Purchase.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters