This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TAT Technologies Reports That The Receiver Announced That The Wining Proposal To Acquire TAT's Shares Was Received From FIMI Opportunity V

Stocks in this article: TATT

GEDERA, Israel, June 24, 2013 /PRNewswire/ --

TAT Technologies Ltd. (Nasdaq: TATT - News), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today reported that on June 23, 2013 the Receiver of the Company's shares held by its previously controlling shareholders informed the Company that pursuant to the previously announced tender to purchase such shares, the wining proposal to acquire the shares was received from FIMI Opportunity V, a private equity investor ("FIMI").

FIMI will purchase 3,845,908 shares held by TAT Industries and 886,443 shares held by KMN Industries (the controlling shareholder of TAT Industries), which represent 43.71% and 10.07% of the Company's outstanding share capital, respectively. The total price to be paid by FIMI is NIS125M' ( NIS26.4/share or ~$7.3/share). Closing is conditioned upon receipt of approval from (i) the court; and (ii) the lending banks to TAT industries and KMN Industries; and (iii) the Israeli Anti-Trust Authority. Closing is expected to occur within 10 days after receipt of all the above approvals. In the event court approval is not obtained within 90 days from the date of submitting the proposal or Anti-Trust Authority approval is not obtained within 75 days from the date of submitting the proposal (other than as a result of a default by FIMI) then the proposal will terminate. The FIMI proposal requires that the Company purchases the land where its Israeli facility is located from TAT Industries, at a price based on external appraisal and subject to receipt of all necessary other approvals.

About TAT Technologies LTD

TAT Technologies LTD is a leading provider of services and products to the commercial and military aerospace and ground defense industries.

TAT operates under four segments:  (i) Original Equipment Manufacturing or "OEM" of Heat Management Solutions (ii) OEM of Electric Motion Systems (iii) Heat Transfer Services and Products and (iv) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,445.10 +57.89 0.33%
S&P 500 2,030.41 +0.86 0.04%
NASDAQ 4,694.0560 +12.5590 0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs