All Conditions to the Tender Offer Have Been Satisfied
TEL AVIV, Israel, April 3 /PRNewswire-FirstCall/ -- Clal Industries and Investments Ltd. (TASE: CII) announced today that all of the conditions have been satisfied for its previously-announced tender offer to purchase up to 2,338,686 ordinary shares of Fundtech Ltd. (Nasdaq: FNDT)(TASE: FNDT) at $12.50 per share, net to the seller in cash, less any required withholding taxes and without interest. Clal Industries has been advised by the depositaries for the offer that, as of 10:00 a.m., New York time, or 5:00 p.m., Israel time, on April 3, 2008, there were (1) 2,099,317 Fundtech shares validly tendered and not properly withdrawn and (2) 490,874 Fundtech shares represented by notices of objection to the offer.
Accordingly, as required by Israeli law and as contemplated in its offer to purchase:
- Clal Industries is providing an additional period of four calendar days, until 10:00 a.m., New York time, or 5:00 p.m., Israel time, on Monday, April 7, 2008, during which Fundtech shareholders who, with respect to each share owned by them, did not respond to the offer, have notified Clal Industries of their objection to the offer, or have tendered such share but withdrawn their tender prior to 10:00 a.m., New York time, or 5:00 p.m., Israel time, on April 3, 2008, may tender such shares. Shareholders will have no withdrawal rights during this additional four-calendar day period; and
- Clal Industries will purchase, subject to proration, the shares validly tendered in the offer (and not properly withdrawn) prior to 10:00 a.m., New York time, or 5:00 p.m., Israel time, on Monday, April 7, 2008, the final expiration date of the offer.
Shareholders who hol
|SOURCE Clal Industries & investments LTD|
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