Team Software Industries is commencing a cash tender offer to purchase 650,000 ordinary shares of TTI Team Telecom International for six dollars per share, net to the seller in cash. Team Software currently owns 5,312,550 ordinary shares of TTI, representing 44.7 percent of the outstanding share capital of TTI, and, following the consummation of such tender offer, will own approximately 50 percent of the outstanding share capital of TTI.
The tender offer and withdrawal rights are scheduled to expire on March 10, unless the tender offer is extended by Team Software. The tender offer is conditioned upon at least 650,000 ordinary shares being validly tendered and not withdrawn, the aggregate number of shares tendered in the offer being greater than the number of shares represented in notices of objection, as required by Israeli law, receipt of all necessary approvals, including without limitation, the approval of the Israeli Anti-Trust Authority and such other conditions as are specified in the Offer to Purchase. The tender offer is not conditioned on the receipt of financing or the approval of the board of directors of TTI.
Team Software is an Israeli private holding company wholly owned by Team Computer and Systems, an Israeli company whose shares are listed on the Tel Aviv Stock Exchange that performs computer system integration and other value-added services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
