Gilat receives shareholders approval of merger agreement

Jul 04, 2008 (Datamonitor via COMTEX) -- GILT | Quote | Chart | News | PowerRating -- Gilat Satellite Networks has announced that its shareholders have approved the agreement and planed merger among Gilat, Galactic and Galactic Acquisition Company, pursuant to which Galactic Acquisition will be merged into Gilat.

According to Gilat, it will continue as the surviving entity and will become a wholly-owned subsidiary of Galactic. Approximately 61% of the shares entitled to vote were represented and voted at the meeting and 99% of such shares voted to approve the agreement and plan of merger.

The transaction is subject to regulatory clearance from US Federal Communications Commission and the Committee on Foreign Investment in the US and certain other closing conditions.

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