Orad Hi-Tec Systems Ltd / Key word(s): Acquisition
13.04.2015 00:58
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Kfar-Saba, Israel, April 13, 2015 - Orad Hi-Tec Systems Ltd. (ISIN
IL0010838071; Frankfurt Prime Standard; Symbol: OHT), a provider of
state-of-the-art 3D real-time graphic, video servers, and MAM solutions for
the broadcasting markets, today announced that it has signed a definitive
agreement to be acquired by Avid Technology, Inc. ("Avid", Nasdaq: AVID).
Under the terms of the agreement, Avid has agreed to pay EUR 5.67 in cash
for each share of Orad common stock.
Avid delivers a comprehensive media platform connecting content creation
with collaboration, asset protection, distribution and consumption for
media.
The transaction volume totals approximately EUR 66 million (including
compensation for the vested options under Orad's employee option plan). It
is intended to merge Orad, as absorbing entity, with a newly formed
Israeli subsidiary of Avid; thus, Orad shall become a wholly owned
subsidiary of Avid. The transaction is subject to customary closing
conditions, including approval of the Orad shareholders (by holders of at
least 75% of Orad's shares represented at the shareholders meeting). Avid
has entered into voting agreements with holders of a majority of Orad's
outstanding shares of capital stock, pursuant to which such Orad
stockholders agree to vote in favor of the transaction. Closing of the
merger transaction is expected towards the end of the Second Quarter and
settlement of the cash consideration is expected to occur early in the
Third Quarter of 2015. Details of the time line and settlement procedures
will be published within a proxy statement to be sent to shareholders in
advance of Orad's shareholders meeting.
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Information and Explaination of the Issuer to this News:
Explanatory notes:
'Our success has been recognized and thus attracted interest in our
company. The agreed EUR5.67 price per share represent an upside of over 40%
over the current share market price and is in line with other multiplies of
similar transactions in the broadcast industry' said Avi Sharir, CEO and
President, Orad. 'Avid has a long-standing heritage of industry leadership,
and it's clear that both Avid and Orad have a common commitment to
innovation and customer success. Our solutions are highly complementary to
the Avid product suite, creating the most comprehensive solution for the
media industry. Further, Avid's global scale and distribution network
provide significant opportunities for customer support, growth and market
expansion. We are confident that joining the Avid family will create more
powerful opportunities for our customers, partners, and employees.'
'We have followed Orad's success in the market for many years and are
excited about the prospects of what our combined companies can accomplish,'
said Louis Hernandez, Jr, Chairman, President, and CEO of Avid. 'Our
industry is in a period of significant transition, in which our customers
are demanding a single platform to connect creation with collaboration,
asset protection, distribution and monetization. We believe this
transaction further differentiates Avid as the partner with the most
comprehensive solution, and accelerates our momentum as we enable our
customers to operate more efficiently and profitably.'
About Orad
Orad is a world-leading developer, marketer and distributer of real-time
3D broadcast graphic, video server, and media asset management solutions
including news, channel branding, sports production and enhancement,
elections and special events, virtual studios, and virtual advertisement.
Orad's comprehensive solutions streamline production workflow, enhance
viewer experience, and improve production value. Founded in 1993, Orad is a
public company listed on the Frankfurt Stock Exchange (OHT). More
information is available at http://www.orad.tv/.
About Avid
Through Avid Everywhere(TM), Avid delivers the industry's most open,
innovative and comprehensive media platform connecting content creation
with collaboration, asset protection, distribution and consumption for the
most listened to, most watched and most loved media in the world-from the
most prestigious and award-winning feature films, music recordings, and
television shows, to live concerts and news broadcasts. Industry leading
solutions include Pro Tools(R), Media Composer(R), ISIS(R), Interplay(R),
and Sibelius(R). For more information about Avid solutions and services,
visit www.Avid.com, connect with Avid on Facebook, Instagram, Twitter,
YouTube, LinkedIn, or subscribe to Avid Blogs.
For further information, please contact:
Orad Hi-Tec Systems Ltd.
Ilan Sidi
C.F.O.
+972 9 7676 862
ilan@orad.tv
Investor Relations
edicto GmbH
Dr. Sönke Knop
Frankfurt, Germany
+49 69-90550551
sknop@edicto.de
13.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Orad Hi-Tec Systems Ltd
15 Atir Yeda str POB 2177
44425 Kfar Saba
Israel
Phone: +972-9-7676862
Fax: +972-9-7676861
E-mail: orad@orad.tv
Internet: www.orad.co.il
ISIN: IL0010838071
WKN: 928634
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart; London
End of Announcement DGAP News-Service
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DGAP-Adhoc: Orad Hi-Tec Systems Ltd: Avid Technology enters into a definitive agreement to acquire Orad for EUR 5.67 per share
| Source: EQS Group AG