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April 13, 2014
21:18 EDTEMITFElbit Imaging announces discussions for an investment in InSightec
Elbit Imaging announced that Elbit Medical Technologies, a subsidiary of the company in which it holds approximately 86% of the voting power, announced that on March 25, InSightec, in which Elbit Medical holds approximately 48.2% of the share capital, approximately 42.3% on a fully diluted basis, has notified Elbit Medical that the board of directors of InSightec has approved the terms of a certain non-binding draft term sheet with a third-party investor, which is not a current shareholder of InSightec, pertaining to an investment, pursuant to which the Investor shall invest in InSightec share capital. The proposed investment shall amount to few dozens of millions of US dollars, and will be based on a company valuation which is significantly higher than the company valuation set on the previous round of capital investment in InSightec; and on April 6, InSightec has notified Elbit Medical that the aforementioned non-binding term sheet was signed by it and the Investor. It shall be noted that no definitive agreement has been signed to date and there is no certainty that the negotiation of such non-binding term sheet will lead to the conclusion of a definitive agreement or that a transaction will be completed. The execution of a definitive agreement is subject to certain conditions precedent, including but not limited to, the approval of the authorized corporate organs of each of Elbit Medical, other shareholders of InSightec and the Investor.
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