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Article: Elron Announces Completion of Sale of Its Holdings in Netvision.
- Article from:
- Business Wire
- Article date:
- October 29, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TEL AVIV, Israel -- Elron Electronic Industries Ltd. (NASDAQ:ELRN)(TASE:ELRN) today announced that, further to its announcement on August 19, 2009 and subsequent announcements in relation to the sale of its holding in NetVision Ltd. ("NetVision") to Discount Investment Corporation Ltd. ("DIC") and Clal Industries and Investments Ltd. ("CII"), the aforementioned sale has been completed today, following approval of the sale earlier today by the shareholders of each of Elron, DIC and Clal.
As a result of the sale, Elron received proceeds of approximately NIS 228.7 million (currently equal to approximately $60.9 million) and will record in the fourth quarter of 2009 ...