Key Developments For Elron Electronic Industries Ltd
Elron Electronic Industries Ltd (ELRN.O) (Nasdaq)
Elron Electronic Industries Ltd. To Voluntarily Delist from NASDAQ
Elron Electronic Industries Ltd. announced that it intends to voluntarily delist from the NASDAQ Global Select Market, effective at the close of trading on January 6, 2010. Accordingly, Elron has provided notice to NASDAQ of its intent to delist and intent to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on or about December 28, 2009, to effect the delisting. By operation of law, the delisting will become effective ten days after this filing. Accordingly, the last day for trading of Elron`s shares on NASDAQ is expected to be January 6, 2010. Elron further announced that, when circumstances permit, it intends to terminate the registration of its Ordinary Shares under the Securities Exchange Act of 1934, as amended (the Exchange Act), as soon as possible following the delisting from NASDAQ, thereby terminating its obligation to file annual and other reports with the SEC. Elron does not expect such deregistration to take effect earlier than the first quarter of 2011. Elron`s decision to delist from NASDAQ and deregister its Ordinary Shares under the Exchange Act was made by its Board of Directors of various factors, including the following: Elron has a relatively limited number of U.S. holders of record and a substantial majority of the trading of Elron`s shares occurs on the Tel Aviv Stock Exchange (TASE); the Ordinary Shares will continue to be listed and traded on the principal trading market-the TASE.
Elron Electronic Industries Ltd. CFO Intends To Resign
Elron Electronic Industries Ltd. announced that its Vice President & Chief Financial Officer (CFO), Ms. Rinat Remler, has announced her intention to resign from her position effective December 31, 2009. Mr. Yaron Elad, the Company's current controller, has been appointed Chief Financial Officer effective January 1, 2010.
Roche Holding Ltd. Eyes Possible Acquisition Of Elron Electronic Industries Ltd's Medingo-Reuters
Reuters reported that Roche Holding Ltd. is interested in acquiring Israeli medical technology company Medingo. Elron Electronic Industries Ltd had said a third party had indicated it was interested in buying Medingo, in which Elron holds 92%. Elron earlier said the indication related to an acquisition of Medingo for between $150 million and $170 million in cash. An additional cash consideration conditional upon one or more milestones could bring the total amount to between $185 million and $213 million.
Elron Electronics Industries Ltd. Announces Completion Of Sale Of Its Holdings In Netvision
Elron Electronics Industries Ltd. announced that, further to its announcement on August 19, 2009 and subsequent announcements in relation to the sale of its holding in NetVision Ltd. (NetVision) to Discount Investment Corporation Ltd. (DIC) and Clal Industries and Investments Ltd. (CII), the aforementioned sale has been completed, following approval of the sale by the shareholders of each of Elron, DIC and Clal. As a result of the sale, Elron Electronics Industries Ltd. received proceeds of approximately NIS228.7 million (currently equal to approximately $60.9 million).
Elron Electronic Industries Ltd. Announces Receipt of Non-Binding Indication Of Interest To Acquire Medingo Ltd.
Elron Electronic Industries Ltd. announced that a non-binding indication of interest of a third party regarding a potential acquisition of Medingo Ltd., an Elron subsidiary, has been received. The Indication relates to an acquisition of Medingo's entire share capital for a cash consideration ranging from $150 million to $170 million and a contingent additional cash consideration conditional upon one or more to be mutually agreed, which may bring total consideration up to between $185 million and $213 million. The transaction would be subject mainly to (i) the parties entering into a mutually agreed definitive agreement; (ii) satisfactory completion of a full due diligence by the third party; and (iii) the parties obtaining applicable corporate and regulatory approvals. There is no assurance of the occurrence, timing or terms of any such transaction.
