Israel's ECI Telecom had further approach-paper

JERUSALEM, July 15 (Reuters) - Israel's ECI Telecom ECIL.O has been approached by an international fund with a possible higher bid than one agreed with a group of investors led by Swarth Group, the Yedioth Ahronoth daily reported on Sunday. ECI in early July agreed to be acquired by a group led by Swarth for $1.2 billion, but under the terms of the agreement, ECI may actively solicit alternative proposals from third parties until July 31.

ECI's consultant in the acquisition, Goldman Sachs, approached various international funds to find out whether there were other prospective buyers, and one of the funds expressed an interest in submitting a proposal, the daily said.

The paper did not give any additional information on the prospective buyer.

ECI officials were not immediately available for comment.

Under the transaction with Swarth, ECI shareholders would receive $10 per share in cash on closing. ECI's Nasdaq-listed shares closed at $9.69 on Friday.

Swarth is an investment vehicle controlled by telecoms businessman Shaul Shani. The group of investors includes certain funds that have appointed Ashmore Investment Management as their investment manager.

((Reporting by Sergio Tjong-Alvares; editing by Paul Bolding; Jerusalem newsroom, +972 2 632 2221, sergio.tjong-alvares@reuters.com)) Keywords: ECITELECOM TAKEOVER/

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