Gilat (GILT) Receives Shareholder Approval for Merger Agreement with Galactic Acquisition Company
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Gilat Satellite Networks Ltd. (NASDAQ: GILT) announced that at a special meeting of shareholders held today its shareholders approved the Agreement and Plan Merger, dated March 31, 2008, among Gilat, Galactic Holdings Ltd. and Galactic Acquisition Company Ltd., pursuant to which Galactic Acquisition Company Ltd. will be merged into Gilat. Gilat will continue as the surviving entity and will become a wholly-owned subsidiary of Galactic Holdings Ltd. Approximately 61% of the shares entitled to vote were represented and voted at the meeting and 99% of such shares voted to approve the Agreement and Plan of Merger.
Gilat Satellite Networks Ltd. is a provider of Internet Protocol (IP) based digital satellite communication and networking products and services. The Company designs, produces and markets very small aperture terminals (VSATs), and related VSAT network equipment.[SM]
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