Shareholders led by Naftali Investments Ltd completed the acquisition of 61% stake in POCARED Diagnostics Ltd. from Elron Electronic Industries Ltd. (OTCPK:ELRN.F) and RDC -Rafael Development Corporation Ltd
September 07, 2020
Share
Shareholders led by Naftali Investments Ltd. entered into an agreement to acquire 61% stake in POCARED Diagnostics Ltd. from Elron Electronic Industries Ltd. (OTCPK:ELRN.F) and RDC -Rafael Development Corporation Ltd. on August 6, 2020. Under the terms, Elron and RDC will transfer most of their holdings to the buyers as well as most of the balance of the loans previously granted to Pocared by them. In addition to their remaining holding in Pocared, Elron and RDC will be entitled to a portion of any future consideration that the Buyers may receive from the Securities that were transferred. Post the completion of the transaction, Elron and RDC will retain customary minority rights in Pocared and will have no obligation to make any further investment in Pocared. The consolidated holding of Elron in POCARED will be reduced to 10% post the completion of the transaction. Einat Weidberg and Yoav Manor of Shibolet & Co. acted a s legal advisor to sellers in the transaction.
Shareholders led by Naftali Investments Ltd completed the acquisition of 61% stake in POCARED Diagnostics Ltd. from Elron Electronic Industries Ltd. (OTCPK:ELRN.F) and RDC -Rafael Development Corporation Ltd. on September 8, 2020.
Elron Electronic Industries Ltd. is an operational holding company that focuses on building and enhancing technology companies, mainly in the field of medical devices. Its group companies include companies at different stages of development and business maturation, operating in various technology fields, such as medical device and other fields. It is involved in the management of its group companies by means of membership and providing assistance to management. It operates in the Holdings and Corporate Operations segment. It is engaged in matters of policy guidance, strategic planning, marketing, selecting and manning senior management positions, determining the business plan, approving investments and budgets, development and operational guidance, assistance in creating strategic partnerships, and the overall ongoing monitoring of its group companies' performance. Its main group companies include BrainsGate Ltd, Pocared Diagnostics Ltd. and RDC Rafael Development Corporation Ltd.
Shareholders led by Naftali Investments Ltd completed the acquisition of 61% stake in POCARED Diagnostics Ltd. from Elron Electronic Industries Ltd. (OTCPK: ELRN.F) and RDC -Rafael Development Corporation Ltd