RE: Buys v sells20 Jul 2017 11:48
hold up
http://www.timesofisrael.com/massive-intel-purchase-of-mobileye-seemingly-held-up-as-deadline-extended/
A statement from Mobileye said the deadline had been extended to July 20.
Mobileye is apparently awaiting a nod from the Israeli Tax Authority to classify the deal in Israel as a share sale, which would exempt foreign investors from taxes, even if it is classified as an asset sale in The Netherlands where the company was incorporated.
In an asset deal in Israel, the transaction would be taxable.
“We are awaiting the Israeli tax ruling as well as a handful of antitrust clearances,” said Dan Galves, Mobileye’s chief communications officer. “Consistent with market practice, the offer was extended while we await receipt of these approvals before proceeding.”
He did not detail what antitrust permits the deal was awaiting. An Intel spokesman said he could not comment
The deal is still subject to regulatory permits including the receipt of regulatory approvals in certain non-US jurisdictions, and at least 95% of Mobileye’s outstanding shares being validly tendered and not withdrawn prior to the expiration of the tender offer, according to the Mobileye statement.
Galves pointed out that more than half the company’s shares had already been tendered.
According to the statement, approximately 50.31% of the outstanding Mobileye ordinary shares had been validly tendered following the tender offer, and an additional 7.76% of outstanding Mobileye ordinary shares have been tendered pursuant to guaranteed delivery procedures.
Yaniv Pagot, an economist and head of strategy for the Ayalon Group, an Israeli institutional investor, said the delay was not a sign the massive agreement could be sunk.
“I don’t believe this is an indication of any significant danger to the deal,” Pagot said by phone. “Companies set deadlines which are not always feasible because these processes take time.”
On June 13, shareholders held a meeting in Amsterdam where they approved the sale to Intel.
Mobileye develops sensors and artificial intelligence that allow a vehicle’s onboard computer to know where it is in relation to other vehicles, pedestrians and the surroundings, the key technologies needed for cars to eventually safely drive themselves.
should know tomorrow or by end of this week more then wooo !!
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