New owners for Gilat Satellite
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From Times Wire Services
Gilat Satellite Networks, the Israeli maker of satellite terminals, agreed to be acquired by an investment group led by Westwood-based Gores Group and Mivtach Shamir Holdings for $475 million.
Stockholders will receive $11.40 a share, 9.2% above Gilat’s closing price Friday. The group also includes Roy Ben-Yami, Ami Lustig and Eytan Stibbe and DGB Investments Inc., said Petah Tikva, Israel-based Gilat.
Gilat was bailed out in 2002 by bondholders, who took 80% of equity in exchange for erasing debt. Mivtach Shamir doubled its holding in Gilat to 10% in 2005 and made a $10-a-share offer to buy out the rest of the stock in April 2007.
