Gilat Satellite provides update on merger transaction

Aug 15, 2008 (M2 EQUITYBITES via COMTEX) -- GILT | Quote | Chart | News | PowerRating -- Gilat Satellite Networks Ltd (Nasdaq:GILT) (TASE:GILT), a provider of products and services for satellite-based communications networks, on Thursday (14 August) provided an update regarding the company's merger transaction.

The company said that it has notified the consortium of private equity investors that had entered into an agreement with the company for its acquisition, that Gilat has fulfilled all of the conditions precedent for the closing of the transaction.

The consortium members, The Gores Group LLC, Mivtach Shamir Holdings Ltd, companies affiliated with Roy Ben-Yami, Ami Lustig and Eytan Stibbe and DGB Investments Inc, had notified Gilat that they are questioning whether all of the conditions of the merger agreement have been met.

Gilat said that both the parties are engaged in ongoing discussions on this issue in an effort to complete the transaction in the timeframe set out by the merger agreement.

Financial details of the merger were not available.

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