(Source: Business Wire)
Elron Electronic Industries Ltd. (NASDAQ:ELRN)(TASE:ELRN) today
announced that, further to its announcement on August 19, 2009 and
subsequent announcements in relation to the sale of its holding in
NetVision Ltd. ("NetVision") to Discount Investment Corporation Ltd.
("DIC") and Clal Industries and Investments Ltd. ("CII"), the
aforementioned sale has been completed today, following approval of the
sale earlier today by the shareholders of each of Elron, DIC and Clal.
As a result of the sale, Elron received proceeds of approximately NIS
228.7 million (currently equal to approximately $60.9 million) and will
record in the fourth quarter of 2009 a gain of approximately $29
million. The amount of this gain has been determined based on
NetVision's shareholder's equity as of June 30, 2009 and is subject to
adjustment according to NetVision's shareholder's equity as of the date
of completion of the sale which is not yet known.
Elron Electronic Industries Ltd. (TASE & NASDAQ: ELRN), a member
of the IDB Holding group, is a high-technology holding company traded in
the Nasdaq and in the Tel-Aviv Stock Exchange. Elron's group companies
currently comprise a diverse range of publicly-traded and privately held
companies primarily in the fields of medical devices, information &
communications technology, clean technology and semiconductors. Included
in our group companies are well established companies which are leaders
in their fields, such as Given Imaging, together with innovative
start-ups who possess growth potential in Israel and the rest of the
world. For further information, please visit www.elron.com.
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