SintecMedia Makes Acquistion Offer for Pilat Media

Tel Aviv, Israel, Janaury 16, 2014--SintecMedia announced a deal for the potential acquisition of Pilat Media and its merger into SintecMedia. The deal is worth approximately US$103 million. A large number of shareholders of Pilat Media have agreed to sell at the offered price and subsequently the board of Pilat Media decided to recommend the deal to all its other shareholders.

The deal is subject to various approvals, including 75% of all shareholders (except for SintecMedia) and the process will still take several weeks since it is being structured as a Scheme of Arrangement under UK law and requires a Court approval. Therefore the potential acquisition is subject to this process.

The management of SintecMedia and Pilat Media have together agreed the approach for organising and managing the enlarged group harmoniously, leveraging the relative strengths of each organisation, according to a company statement.