Gilat Satellite (GILT) Terminates Acquisition Agreement with Private Equity Consortium
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Gilat Satellite Networks Ltd. (NASDAQ: GILT) has notified the consortium of buyers that had agreed to purchase the company that it was terminating the Agreement and Plan of Merger entered into on March 31, 2008. Gilat cited the buyer's intentional breach of the merger agreement and failure to close the merger transaction prior to 5:00 P.M. New York Time on August 28, 2008, the extended time established to complete the transaction.
The definitive agreement provides for a termination fee in the amount of $47.3 million, payable to Gilat by September 10, 2008, in the event of an intentional breach of the agreement by the Purchasers.
Gilat Satellite Networks Ltd. is a provider of Internet Protocol (IP) based digital satellite communication and networking products and services. [SM]
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