Gilat To Acquire Remaining Shares Of rStar
Gilat Satellite Network [Nasdaq: GILTF], an Israel-based satellite networking technology company, said it intends to acquire all of the remaining shares of rStar [Nasdaq: RSTRC] it doesn’t already own for 60 cents per share in cash. The acquisition, which is expected to be carried out through a “short-form” merger of rStar and a Gilat subsidiary, is subject to Gilat holding at least 90 percent of the outstanding rStar shares and to clearance by the U.S. Securities and Exchange Commission, as well as other conditions.
Gilat currently owns approximately 84.9 percent rStar’s outstanding shares. In order to be in a position to hold at least 90 percent of rStar’s outstanding shares, Gilat has entered into an agreement with certain rStar stockholders to acquire an additional 9.3 percent rStar shares.
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