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Elbit Medical Imaging Ltd

This article was originally published in The Gray Sheet

Executive Summary

Israeli firm decides to scuttle a proposed merger with publicly traded subsidiary Elscint Ltd. As outlined in a Feb. 18 proposal, Elbit was to acquire the roughly 43% (7 mil. shares) of Elscint that it did not already own at $14 per share, or $98.2 mil. (1"The Gray Sheet" Feb. 22, p. 12). Elscint received a letter from a committee of Elbit independent directors stating that the proposed business combination "would not be in the best interests of shareholders." Elscint says its board "is in the late stages of a long-term process of evaluating various alternatives to increase shareholder value"

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