MAGIC SOFTWARE ENTERPRISES LTD. ANNOUNCES PRICING OF PUBLIC OFFERING BUSINESS EDITORS OR YEHUDA, ISRAEL--(BUSINESS WIRE)--FEB. 25, 2000--MAGIC SOFTWARE ENTERPRISES, LTD. (NASDAQ: MGIC) FRIDAY
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OR YEHUDA, ISRAEL--(BUSINESS WIRE)--Feb. 25, 2000--Magic Software
Enterprises, Ltd. (Nasdaq: MGIC.O) Friday announced that the public
offering of 4,000,000 of its Ordinary Shares was priced at $25.00 per
share.
Of the shares being offered, 3,500,000 shares are being offered
by Magic and 500,000 shares are being offered by Formula Group
(Nasdaq: FORTY.O), the selling shareholder. The selling shareholder has
granted the underwriters an option to purchase up to 600,000
additional ordinary shares at the public offering price to cover
over-allotments. The total net proceeds to Magic from the offering,
after deducting the underwriting discount and estimated expenses, is
expected to be $80.6 million. Magic will not receive any of the
proceeds from the sale of ordinary shares by the selling shareholder.
The underwriters for the offering are Salomon Smith Barney Inc.,
Merrill Lynch & Co., CIBC World Markets Corp. and Warburg Dillon Read
LLC. The offering is made only by means of the final prospectus
relating to these securities, copies of which may be obtained from
Salomon Smith Barney Inc., Brooklyn Army Terminal, 140 58th Street,
8th Floor, Brooklyn, NY 11220, Tel: 718/765-6732; Merrill Lynch & Co.,
World Financial Center, North Tower, 250 Vesey Street, New York, NY
10281-1305, Tel: 212/449-4600; CIBC World Markets Corp., 425 Lexington
Avenue, New York, NY 10017, Tel: 212/856-4000; or Warburg Dillon Read
LLC, 299 Park Avenue, New York, NY 10171, Tel: 212/821-4000.
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