Elron completes tender offer for Given Imaging, boosts ownership interest to 48.5%

By Lisa Kerner

Charlotte, N.C., June 23 - Elron Electronic Industries Ltd. said it accepted for purchase 1,462,640 of the 5,330,044 validly tendered shares of Given Imaging Ltd. based on a proration factor of 0.2744 in Elron's tender offer ended June 20.

On May 16, Elron began its offer to purchase 1,462,640 ordinary shares of Given Imaging for $16.54 per share, or a total of $24.19 million, an Elron news release said.

Payment for the Given Imaging shares accepted will be made through American Stock Transfer & Trust Co. or Clal Finance Batucha Investment Management Ltd., the depositaries for the tender offer.

After payment for the shares, Elron and its affiliates will beneficially own 48.5% of Given Imaging's ordinary shares, up from the 43.5% stake reported in May.

Elron is a technology holding company based in Tel Aviv, Israel.

Given Imaging, located in Yoqneam, Israel, markets a wireless imaging system used to detect disorders of the gastrointestinal tract.

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