DGAP-Adhoc

Orad Hi-Tec Systems Ltd: Avid Technology enters into a definitive agreement to acquire Orad for EUR 5.67 per share

Orad Hi-Tec Systems Ltd / Key word(s): Acquisition

13.04.2015 00:58

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Kfar-Saba, Israel, April 13, 2015 - Orad Hi-Tec Systems Ltd. (ISIN
IL0010838071; Frankfurt Prime Standard; Symbol: OHT), a provider of
state-of-the-art 3D real-time graphic, video servers, and MAM solutions for
the broadcasting markets, today announced that it has signed a definitive
agreement to be acquired by Avid Technology, Inc. ("Avid", Nasdaq: AVID).
Under the terms of the agreement, Avid has agreed to pay EUR 5.67 in cash
for each share of Orad common stock.

Avid delivers a comprehensive media platform connecting content creation
with collaboration, asset protection, distribution and consumption for
media.

The transaction volume totals approximately EUR 66 million (including
compensation for the vested options under Orad's employee option plan). It
is intended to merge Orad, as absorbing entity, with a newly formed
Israeli subsidiary of Avid; thus, Orad shall become a wholly owned
subsidiary of Avid. The transaction is subject to customary closing
conditions, including approval of the Orad shareholders (by holders of at
least 75% of Orad's shares represented at the shareholders meeting). Avid
has entered into voting agreements with holders of a majority of Orad's
outstanding shares of capital stock, pursuant to which such Orad
stockholders agree to vote in favor of the transaction. Closing of the
merger transaction is expected towards the end of the Second Quarter and
settlement of the cash consideration is expected to occur early in the
Third Quarter of 2015. Details of the time line and settlement procedures
will be published within a proxy statement to be sent to shareholders in
advance of Orad's shareholders meeting.


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Information and Explaination of the Issuer to this News:

Explanatory notes:

'Our success has been recognized and thus attracted interest in our
company. The agreed EUR5.67 price per share represent an upside of over 40%
over the current share market price and is in line with other multiplies of