KCPS Makes Offer for Part of Gilat
[Satellite Today 06-10-09] KCPS Satellite Communications Limited Partnership has launched a tender offer to purchase 2 million shares of Gilat Satellite Networks Ltd. for $3.65 per share, KCPS announced June 8.
If the offer is successful, KCPS will pool is shares with Gilat’s largest shareholder, a group of pooled investment vehicles managed by York Capital Management. York holds 8.1 million Gilat shares, or 20.2 percent of total shares. KCPS and York have entered into a voting agreement that means under the Israeli Securities Law, it is deemed that KCPS and York jointly hold the shares.
In order for KCPS to purchase Gilat shares that would increase voting power of the group to 25 percent, KCPS’ offer is conducted as a “special tender offer” meeting the requirements of Israeli law.