ECI Telecom shareholders to decide merger on Aug. 29

By Lisa Kerner

Charlotte, N.C., July 25 - ECI Telecom Ltd. scheduled an extraordinary general meeting of shareholders for Aug. 29. The record date for the meeting is July 23.

Shareholders will be asked to consider and vote on the company's July 1 merger agreement with Swarth Group and Ashmore Investment Management Ltd. affiliate Epsilon 1 Ltd. and its subsidiary Epsilon 3 Ltd.

In addition, shareholders will be asked to approve a special $1.05 million bonus for ECI's outgoing chairman of the board Shlomo Dovrat.

The merger requires the approval of 75% of the shares voted.

As previously reported under the terms of the agreement, ECI shareholders will receive $10 per share in cash. The transaction is valued at $1.2 billion. Closing is anticipated by year-end.

ECI is a Petach Tikva, Israel, provider of networking infrastructure equipment.

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