This article was originally published in The Gray Sheet
Executive SummaryCombination of Elbit Medical Imaging Ltd. with its publicly traded Elscint Ltd. subsidiary is outlined in a $14-per-share acquisition proposal announced Feb. 18. Under the terms of the $98.2 mil. deal, Elbit will acquire the roughly 7 mil. Elscint shares not currently owned by Elbit, or roughly 43% of the company. The $14-per-share price represents a 21% premium over Elscint's Feb. 17 closing price of 11-9/16. Haifa, Israel-based Elscint, developer of computer-based medical imaging systems, divested its nuclear medicine and magnetic resonance medical imaging businesses to General Electric's GE Medical Sytems division for $100 mil. in November. Sold simultaneously for $269.5 mil. was Elscint's computed tomography division, which went to Picker International, a subsidiary of U.K.-based General Electric Company, plc
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