Gilat Shareholders Approve Merger Pact

BOSTON, Jul 08, 2008 (ASCRIBE NEWS via COMTEX) -- GILT | Quote | Chart | News | PowerRating -- Gilat Satellite Networks, a provider of products and services for satellite-based communications networks, announced that at a special meeting of shareholders held approved the Agreement and Plan Merger, dated March 31, among Gilat, Galactic Holdings and Galactic Acquisition Company, pursuant to which Galactic Acquisition Company will be merged into Gilat.

Gilat said it will continue as the surviving entity and will become a wholly-owned subsidiary of Galactic Holdings. Approximately 61 percent of the shares entitled to vote were represented and voted at the meeting and 99 percent of such shares voted to approve the Agreement and Plan of Merger.

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

The parties to the transaction have received the necessary antitrust clearances and Gilat said it has obtained a tax pre-ruling from the Israeli Tax Authority related to withholding taxes. Gilat stated it does not expect delays in receiving the required regulatory approvals and anticipates that the closing of the merger will take place promptly after they are obtained and no later than September 28. Under Israeli law, the earliest possible date to receive the merger certificate required for closing the transaction is August 4.

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