Source: Clal Industries and Investments
Clal Industries and Investments Ltd. (TASE:CII) announced today that it has successfully completed its previously-announced tender offer to purchase up to 2,338,686 ordinary shares of Fundtech Ltd. (NasdaqGM & TASE:FNDT) at $12.50 per share, net to the seller in cash, less any required withholding taxes and without interest.
The tender offer, which commenced on March 5, 2008, expired on Monday, April 7, 2008 at 10:00 a.m., New York time, or 5:00 p.m., Israel time.
Clal Industries has been advised by the depositaries for the tender offer that, as of the final expiration of the tender offer, a total of 2,104,720 Fundtech shares had been validly tendered and not properly withdrawn pursuant to the offer. As contemplated in the offer to purchase, Clal Industries has accepted for purchase all such tendered shares.
Payment for the shares accepted will be made promptly through American Stock Transfer & Trust Company or Clal Finance Batucha Investment Management Ltd., the depositaries for the tender offer.
After payment for the shares tendered in the offer and accepted for payment, Clal Industries will beneficially own 8,797,398 ordinary shares of Fundtech, representing approximately 56.4% of the issued and outstanding shares of Fundtech, or 57.1% when taken together with 98,498 additional ordinary shares beneficially owned by IDB Development Corporation Ltd., an affiliate of Clal Industries.