Data Systems & Software Inc. Announces Successful Tender
Offer for All the Publicly Held Shares of Its Decision
Systems Israel Ltd. Subsidiary
MAHWAH, N.J.--(BUSINESS WIRE)--April 15, 1999--Data Systems & Software Inc. (NASDAQ: DSSI - news) today announced the success
of its tender offer to purchase all publicly held shares of its Decision Systems Israel Ltd. subsidiary (''DSI Israel''). DSSI, which prior to
the offer had already owned approximately 76% of DSI Israel's outstanding shares, received a tender of 1,710,885 shares, representing
93.7% of the publicly held shares. Including the shares tendered, DSSI now owns 7,681,046 shares, or approximately 98.5% of the total
outstanding shares of DSI Israel. DSI Israel's shares have been publicly traded on the Tel Aviv Stock Exchange since 1992.
DSSI will pay NIS 5.6 per share, or US$1.39, per share for all tendered shares, as well as the 115,467 shares not tendered pursuant to the
offer, an aggregate purchase price of approximately $2.54 million. In addition, DSSI will incur approximately $200,000 in costs associated
with the tender offer.
George Morgenstern, Chairman and Chief Executive Officer of DSSI commented: ''We are very pleased with the results of the tender
offer. We believe that taking DSI Israel private will enhance our ability to create and exploit synergies between DSI Israel and the US
operating units of the Company, improving the Company's competitive posture in the global marketplace.'' |
