Business News
Ronin announces commencement of tender offer to AVT shareholders
Monday 15. September 2008 - Advanced Vision Technology (A.V.T.) Ltd. has been informed today by privately-held Israeli investment company Ronin Investment Managing Company Ltd. that Ronin is commencing a public tender offer to the shareholders of AVT. Ronin is offering to purchase up to 1,200,000 shares of AVT at a price of 7.1 per share.
Pursuant to applicable Israeli law, the tender offer is conditioned upon the receipt of acceptances representing at least 5% of the voting power in AVT, and upon acceptance of a majority of the shareholders responding to the offer. The offer period will expire at the close of business on October 7, 2008. If the offer is accepted, shareholders that did not tender their shares will be able to do so in a subsequent offer period ending on October 17, 2008.
According to Ronin they currently hold approximately 24.5% of AVTs outstanding voting shares. In the event that Ronin succeeds in purchasing substantially all the shares it is offering to purchase in the tender offer, it will hold approximately 47% of AVTs outstanding voting shares.
The management board of AVT will evaluate the offering and communicate its views in due course.