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.