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Biotech / Medical : ESCMF makes equipment to remove varicose veins! -- Ignore unavailable to you. Want to Upgrade?

To: Raoul Stein who wrote (54)	11/9/1997 5:53:00 PM
From: jay silberman	Read Replies (1) \| Respond to of 119

Here's the Globe story: globes.co.il So now that people have actually been verified as reading this thread, what do you all think of ESCMF's future? Thanks. -------------------------------------------------------------------- Sunday , Nov 9, 1997 Sun-Thu at 18:00 (GMT+3) Headlines ESC, Laser Industries Merge To Form World's Leading Laser Firm By Ami Ginsburg Two Israeli representatives of the field of laser instruments for cosmetic and medical uses, have decided to merge. The transaction will be concluded by exchange of shares. ESC, which has a significantly higher market value, will be the lead company in the merger. ESC's market value presently stands at $873 million, while that of Laser Industries amounts to $205 million. Laser Industries' shares will be de-listed on completion of the merger. Under the terms of the deal now taking shape, each Laser Industries shareholder will receive 0.75 shares of ESC. At present, the per share price of ESC is $42, so that each Laser Industries share is currently "worth" $31.5. The Laser Industries share itself closed on Friday at $23.25, so that the shareholders' premium stands at 35% of the market price of the shares. These merger ratios will be in force as long as any ESC share is in the $30-60 price range. After the merger, ESC shareholders will hold 75% of the company's shares, and the owners of Laser Industries will hold 25%. The merger will be effected by the pooling method, meaning that the two companies will present their results as if they had always been merged. In the first quarter of 1998, ESC will record one-off expenses in respect of the merger. The principal shareholder of Laser Industries is Aryeh Ganger, whose 17% holding is maintained through Haifa Chemicals and another company. After the merger, Ganger will hold 4% of the shares of ESC and will be entitled to be represented on the company's Board of Directors. Another major shareholder is the US Fidelity Fund, which holds 8% of the shares, while 25% are in the hands of various institutional investors. ESC and Laser both present record results in the third quarter of 1997. ESC recorded, in the July-September period, revenues of $30 million and a net profit of $8 million. In the first nine months of the year, the company posted revenues of $78.5 million and a profit of $15.6 million. Laser Industries is a company of long standing, which in the past engaged in various laser technology applications, mainly in the medical field. In recent years, the company has shown renewed growth, mainly due to its entry into the fields of cosmetics, and it also markets a depilatory product. The main strength Laser Industries brings to the merger lies in a product line including more than 20 different product types, and a number of new developments for the medical sector, such as the dental, the gynaecological and the heart surgery fields, in which it co-operates with Biosense. Laser Industries also brings to the merger a presence in hospitals, a sector presently constituting about half the company's revenues. Laser Industries wound up the third quarter with $21 million sales and a net profit of $2.8 million. In the first nine months of 1997, sales totalled $56.7 million and profit stood at $8.2 million. The present merger is expected to create a major Israeli company, with a market value of $1.1 billion and with sales which, in 1998, will amount to $250 million. << Previous ArticleNext Article >> ÿ Advanced Search ------------------------------------------------------------------------ Created by Globes-Sites Database-generated by c Copyright 1997, Globes Publishers Ltd. Disclaimer