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Stock Market & Financial Investment News

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November 29, 2012
05:25 EDTSPNSSapiens International anounces 2M share private buyback from Kardan Technologies
Sapiens International announced that it has signed a definitive agreement with one of its shareholders, Kardan Technologies, to buy back from Kardan 2M of Sapiens' common shares, representing approximately 5% of the total issued and outstanding shares of Sapiens. Following consummation of the transaction, the company will have approximately 38.30M common shares outstanding. Under the terms of the definitive agreement, Sapiens will buy back the 2M common shares from Kardan at a price of $3.50 per share, for a total consideration of $7M. The common shares that are bought back will be held as treasury shares.
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