Gilat CEO Expresses “Surprise”
[Satellite Today 09-04-08] Gilat Satellite Networks CEO Amiram Levinberg told Satellite Today that he was surprised that the proposed deal for a group of investors to acquire the company deteriorated so quickly.
Gilat signed an agreement in March to be acquired by a consortium of investors for $475 million, but according to Gilat, the investors tried to change certain conditions of the deal, which ultimately led to its termination in August.
“I would say that we were taken somewhat by surprise,” Levinberg said. “This agreement was heavily negotiated, and there was a very long due diligence process which took 10 to11 months. It was a fairly intense process with consultants and bankers and that the like.”
Gilat will seek a $47 million termination fee from the consortium.
An interview with Amiram Levinberg can be found in the September 9th issue of Satellite News. For more information about subscribing to Access Intelligence’s satellite newsletters, check out our Web site at www.satellitetoday.com/VIP