Gilat buyers deny allegations over deal breakdown
NEW YORK, Aug 29 (Reuters) - The consortium in dispute with Israel-based Gilat Satellite Networks Ltd (GILT.O: Quote, Profile, Research, Stock Buzz) over a $475 million takeover deal gone sour said on Friday that it denied all allegations that it had breached terms of the deal.
Gilat said earlier on Friday the $11.40-per-share deal it struck with a consortium including Los-Angeles-based private equity firm Gores Group LLC had been terminated because the buyers tried to substantially change the terms.
The consortium, which also includes Israel-based investment company Mivtach Shamir Holdings Ltd, retaliated, saying that in an effort to complete the deal, it has made "a proposal that Gilat's shareholders should find very compelling and attractive in light of the decline in Gilat's operating performance".
It also said it deemed Gilat's termination of the agreement a "material breach". (Reporting by Megan Davies; Editing by Gary Hill)
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