Crystal Systems Solutions tender to acquire 945,662 shares of Israel’s Liraz Systems was under-subscribed. According to the final count, 547,029 shares were properly tendered at 10.8 Israeli shekels ($2.26) per share.
Pursuant to applicable securities laws, Crystal shall purchase 270,165 of the tendered shares. Due to the under-subscription, shares tendered will be pro-rated at a factor of 49.387 percent.
Prior to the tender offer Crystal owned 86 percent of Liraz, and pursuant to the results of this tender, Crystal's share in Liraz shall increase to 90 percent.
Crystal Systems Solutions develops and markets software products and solutions that enable clients to manage the IT assets at their disposal, including legacy applications, modern application packages, middleware, and networking technologies.
Its products provide cross-platform software renovation, modernization, and IT asset management solutions that are designed to accelerate the process of mission-critical legacy renewal, integration, and maintenance during an application's entire life cycle. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
