Notable Mergers and Acquisitions of the Day 5/16 (GE, ELRN/GIVN, FNSR/OPTM)

May 16, 2008 9:59 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• GE (NYSE: GE) confirmed that it was reviewing strategic options for its Appliances business. The Company is currently considering three possibilities for the unit: a strategic partnership or joint venture; spin off; or the sale of the business.
  
  GE Chairman and CEO Jeff Immelt said, "This review is consistent with the strategy we have been executing to transform our portfolio for long-term growth."
  
  
• Elron Electronic Industries Ltd. (NASDAQ: ELRN), announced today that it is commencing today a tender offer to purchase 1,462,640 ordinary shares of Given Imaging Ltd. (NASDAQ: GIVN) for $16.54 per share. If the tender offer is completed, the total payments made by Elron will aggregate to $24,192,065. If more than the maximum number of shares offered to be purchased in the tender offer are tendered, Elron will purchase shares on a pro rata basis.
  
  Elron currently beneficially owns 8,002,180 Given Imaging shares, representing approximately 27.4% of shares outstanding, or 12,721,708 shares, or 43.5%, including Elron's affiliates. If the offer is completed, Elron will beneficially own approximately 32.4% of the issued and outstanding Given Imaging shares, or when taken together with the issued and outstanding Given Imaging shares owned by Elron's affiliates, approximately 48.5% of the issued and outstanding Given Imaging shares.
  
  As Given's price at yesterday's close was $15.75, Elron's offer today represents a 5% premium from yesterday's price.
  
  
• Finisar Corporation (Nasdaq: FNSR) and Optium Corporation (Nasdaq: OPTM) entered into a definitive agreement under which the two companies will be combined through an all-stock merger.
  
  The merger will create the world's largest supplier of optical components, modules and subsystems for the communications industry.
  
  Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, Optium stockholders will receive 6.262 Finisar shares for each Optium share they own. Upon completion of the combination, Finisar shareholders will own approximately 65% of the combined company and Optium shareholders will own approximately 35% of the combined company.
  

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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