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UPDATE 1-Scopus advises shareholders to reject Optibase's offer

Fri Aug 10, 2007 10:04am EDT

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Aug 10 (Reuters) - Israel's Scopus Video Networks Ltd. SCOP.O said it would once again stick to its recommendation for shareholders to reject the increased partial cash tender offer by Optibase Ltd. (OBAS.O) as the premium is insufficient.

Optibase, an Israel-based provider of advanced digital video solutions, raised its offer on Aug. 7 to acquire about a 5 percent additional stake in Scopus to $5.75 from $5.25 a share.

The increased offer was about 14 percent more than Scopus' closing share price on Aug 6.

The tender offer and withdrawal rights are scheduled to expire on Aug. 23.

Scopus said the offer was for an "exceptionally small number of shares" and is relatively small in benefit to its shareholders. Optibase currently owns 22.57 percent of Scopus.

If the tender offer is successful, Optibase may become the owner of up to 45 percent of Scopus' voting rights by purchasing additional shares through private transactions, Scopus, a digital video networking products maker, said in a statement.

In early morning trade, shares of Optibase were down more than 3.4 percent to $3.71. There was no share movement in Scopus. They both trade on Nasdaq. (Reporting by Anup Roy in Bangalore)

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