TEL AVIV, Israel, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Elbit Imaging Ltd. (the " Company") (TASE:EMITF) (NASDAQ:EMITF) announced today, in furtherance to its announcement dated March 17, 2016, regarding the proposal from its subsidiary, Elbit Medical Technologies Ltd. (" Elbit Medical") to convert all the outstanding debts of Elbit Medical to the Company (the " Proposal"), which as of today amount to approximately NIS 150.24 million ($38.82) (" Elbit Medical's Debt"), that the Company's board of directors has decided to reject the Proposal. In addition, the Company's board of directors has accepted Elbit Medical's request to extend the maturity date of Elbit Medical's Debt to the Company such that the new maturity date of all Elbit Medical's Debt to the Company shall be April 1, 2018. About Elbit Imaging Ltd. Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial centers - initiation, construction, and sale of commercial centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe. In certain circumstances and depending on market conditions, the Group operates and manages commercial centers prior to their sale. (ii) Hotel - operation and management of the Radisson hotel Complex in Bucharest, Romania. (iii) Medical industries and devices - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine. (iv) Plots in India - plots designated for sale initially designated to residential projects.
Elbit Imaging (EMITF) is rocketing higher on Tuesday after announcing its Gamida Cell Ltd, which Elbit's subsidiary Elbit Medical Technologies holds 30.8% voting power in, had received an acquisition proposal from a pharmaceutical company.