FIMI Commences Cash Tender Offer for Gilat Satellite Networks Ltd.

TEL AVIV, Israel, Oct. 24, 2014 (GLOBE NEWSWIRE) -- FIMI Opportunity IV, L.P, FIMI Israel Opportunity IV, Limited Partnership, FIMI Opportunity V, L.P and FIMI Israel Opportunity Five, Limited Partnership (collectively "FIMI"), announced today that they have commenced a cash tender offer to purchase 5,166,348 ordinary shares of Gilat Satellite Networks Ltd. ("Gilat") (Nasdaq:GILT) for $4.95 per share. If more than the maximum number of shares offered to be purchased in the tender offer are tendered, FIMI will purchase shares on a pro rata basis.

Pursuant to an Agreement, dated as of September 17, 2014 among (i) FIMI and (ii) York Capital Management, L.P., York Multi-Strategy Master Fund, L.P., York Credit Opportunities Fund, L.P., York Credit Opportunities Master Fund, L.P., Jorvik Multi-Strategy Master Fund, L.P. and Permal York Ltd. (collectively, "York"), (a) FIMI undertook to make a public "special tender offer" pursuant to Israeli Law, on or prior to October 24, 2014, to acquire 5,166,348 Gilat shares at a price of $4.95 per Gilat share, and (b) York undertook to accept the offer in respect of the 5,166,348 Gilat Shares held by it in consideration for a price of $4.95 per Gilat share.

FIMI, a controlling shareholder of Gilat, currently owns 9,776,324 ordinary shares of Gilat, representing approximately 23.0% of Gilat's outstanding shares. If FIMI purchases 5,166,348 Gilat Shares in the tender offer, FIMI will own approximately 35.1% of Gilat's outstanding shares.

On September 16, 2014, the last trading day before FIMI announced its intention to launch the offer, the closing sale price of the Gilat shares was $4.79 on Nasdaq and NIS 17.37 ($4.77 based on an exchange rate of NIS 3.641 per United States dollar as of September 16, 2014) on the Tel Aviv Stock Exchange.

The initial period of the tender offer and withdrawal rights is scheduled to expire at 10:00 a.m., New York time, or 5:00 p.m., Israel time, on November 25, 2014, unless the initial period is extended by FIMI. As required by Israeli law, if the conditions to the offer are satisfied as of the completion of the initial offer period, FIMI will provide an additional period of four calendar days during which shareholders may tender their shares. However, shareholders will have no withdrawal rights during such additional four-calendar day period.