Elron Group Company Galil Medical Signs Definitive Merger Agreement with Endocare (ENDO)
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Elron Electronic Industries Ltd. (NASDAQ: ELRN) announced that Galil Medical Ltd., a group company held by Elron and its 50.1% held subsidiary Rafael Development Corporation Ltd, announced yesterday that it signed a definitive merger agreement with Endocare (NASDAQ: ENDO).
The transaction, which is expected to close in the first quarter of 2009, will combine the complementary clinical, technological and marketing strengths of the two companies, which both have expertise in cryoablation. The combination of Galil and Endocare will form a company whose pro forma combined revenues and gross profit in the twelve months ended September 30, 2008 were approximately $55.6 million and $39.1 million (70.3% of revenues), respectively. Martin J. Emerson, Galil Medical's President and Chief Executive Officer, will lead the combined company.
Endocare also announced that upon the closing of the merger it will sell $16 million of newly issued shares of its common stock in a private placement to several current institutional investors of Endocare and Galil.
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