HAIFA, Israel, January 20, 2011 /PRNewswire via COMTEX/ --
Ltd. (NASDAQ and TASE: ESLT) ("Elbit Systems") announced today that its
wholly-owned subsidiary, Elbit Security Systems Ltd. ("Elsec"), has issued a
Cash Tender Offer (the "Tender Offer") to acquire the remaining ordinary
shares of I.T.L Optronics Ltd. (TASE: ITL) ("ITL") held by the public. The
remaining shares represent 12.15% of ITL's outstanding share capital. The
balance, amounting to 87.85% of ITL's outstanding share capital is currently
held by Elsec (81.53% on fully diluted basis).
(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )
The Tender Offer period will remain open through February 8, 2011 and is
for the price of NIS 12.5 (approximately $3.52) per share and for a total
consideration of approximately NIS 18.8 million (approximately $5.3 million).
The Tender Offer will not be implemented if holders representing 5% or more
of the total outstanding ITL ordinary shares do not accept the Tender Offer.
Thus, there is no assurance at this stage that the Tender Offer will be
completed. If the dissenting shareholders represent less than 5% of the total
outstanding ITL ordinary shares, then all ITL's outstanding ordinary shares
held by the public, including those of any dissenting shareholders, shall be
purchased by Elsec at the tender price and ITL will be consequently delisted
from trade on the Tel-Aviv Stock Exchange. Prior to publishing the Tender
Offer, Elsec received irrevocable consents from holders of approximately
8.85% of ITL's shares (8.21% on fully diluted basis) to accept the Tender
Offer. The Tender Offer documents, detailing the terms of the offer, have
been filed with the Israeli Securities Authority and the Tel Aviv Stock
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company
engaged in a wide range of programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas of
aerospace, land and naval systems, command, control, communications,
computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned
aircraft systems ("UAS"), advanced electro-optics, electro-optic space
systems, EW suites, airborne warning systems, ELINT systems, data links and
military communications systems and radios. The Company also focuses on the
upgrading of existing military platforms, developing new technologies for
defense, homeland security and commercial aviation applications and providing
a range of support services.
For additional information, visit: http://www.elbitsystems.com.
This press release contains forward-looking statements (within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to the
extent such statements do not relate to historical or current fact. Forward
Looking Statements are based on management's expectations, estimates,
projections and assumptions. Forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. These statements are not guarantees of future performance
and involve certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results, performance and trends may differ
materially from these forward-looking statements due to a variety of factors,
including, without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental budgeting
priorities; general market, political and economic conditions in the
countries in which the Company operates or sells, including Israel and the
United States among others; differences in anticipated and actual program
performance, including the ability to perform under long-term fixed-price
contracts; and the outcome of legal and/or regulatory proceedings. The
factors listed above are not all-inclusive, and further information is
contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is
on file with the U.S. Securities and Exchange Commission. All forward-looking
statements speak only as of the date of this release. The Company does not
undertake to update its forward-looking statements.
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP, Head of Corporate Communications
Elbit Systems Ltd.
CCG Investor Relations
SOURCE Elbit Systems Ltd