TEXT-Zisapel raises offer for 5 pct of Radvision
(The following was issued by Israel's Radvision Ltd (RVSN.O) (RVSN.TA)):
May 31 - Zohar Zisapel announced today that he has increased the offer price in his pending tender offer to purchase 5.0 percent of the outstanding ordinary shares of RADVISION Ltd. (Nasdaq: RVSN) (currently, 971,394 RADVISION shares) from $6.30 per share to $7.70 per share, net to the seller in cash, less any required withholding taxes and without interest.
All shareholders who tender shares to Mr. Zisapel pursuant to the tender offer will receive the increased price for shares tendered and accepted for payment, regardless of whether such shares are tendered before or after this announcement, if the tender offer is consummated.
In light of the increase in the offer price, the initial period of the tender offer and withdrawal rights, previously scheduled to expire on Monday, June 1, 2009, was extended and will now expire at 10:00 a.m., New York time, or 5:00 p.m., Israel time, on Monday, June 15, 2009.
The additional period of the tender offer, if the conditions to the offer have been satisfied (or waived, to the extent permitted by applicable law), will now expire at 10:00 a.m., New York time, or 5:00 p.m., Israel time, on Friday, June 19, 2009.
According to a preliminary count by the depositaries for the offer, as of 5:00 p.m., Israel time, on May 27, 2009, 370 RADVISION shares had been validly tendered in Mr. Zisapel's offer and not withdrawn.
Today's closing price of the RADVISION shares on Nasdaq was $7.80. On May 27, 2009, the last trading day on the Tel Aviv Stock Exchange (the "TASE") before this announcement, the closing price of the RADVISION shares on the TASE was 30.01 shekels ($7.52 based on an exchange rate of 3.992 shekels per United States dollar as of May 27, 2009). Mr. Zisapel's amended offer price is 1.3 percent less than the closing price of RADVISION shares on Nasdaq on May 29, 2009.
The complete terms and conditions of the tender offer, including important U.S. and Israeli income and withholding tax considerations relating to the tender offer, are contained in the Offer to Purchase (as amended) included as an exhibit to the Tender Offer Statement on Schedule TO (as amended) previously filed (or, with respect to this amendment, to be filed) with the U.S. Securities and Exchange Commission (SEC) and with the Israeli Securities Authority (ISA). American Stock Transfer & Trust Company is the U.S. Depositary for the offer and Clal Finance Batucha Investment Management Ltd. is the Israeli depositary for the offer.
