KCPS Satellite Announces Tender Offer For 2.03 Million Shares of Gilat Satellite (GILT)

June 8, 2009 12:15 PM EDT

KCPS Satellite Communications, Limited Partnership (KCPS) commences a tender offer to purchase 2,026,000 ordinary shares of Gilat Satellite Networks Ltd. (Nasdaq: GILT) for $3.65 per share, net to the seller in cash, less any required withholding taxes and without interest. In the event that more than the maximum number of shares offered to be purchased in the tender offer are tendered, KCPS will purchase shares on a pro rata basis.

The bidder, KCPS, does not currently beneficially own any of Gilat shares. However, a group of pooled investment vehicles managed by JGD Management Corp. d/b/a York Capital Management (York) currently beneficially owns 8,121,651 Gilat shares, representing approximately 20.2% of Gilat shares. KCPS and York have entered into a voting agreement with respect to Gilat shares, and, under the Israeli Securities Law, it is deemed that KCPS and York jointly hold 20.2% of Gilat shares, currently held by York. As such, in order for KCPS to purchase Gilat shares that would increase KCPS's voting power (together with that of York) of Gilat to 25.0% or more, the offer is conducted as a "special tender offer" meeting the requirements of Israeli law.

SOURCE - KCPS Satellite Communications, Limited Partnership
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