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Cellular telephone marketer Suny Electronics, controlled by Ilan Bar Dov, informed the stock Exchange that it has changed the terms of the memorandum of understanding signed in July to acquire 90% of Tapuz Israel Web Portal for $7.2 million in shares. The announcement states, “a number of insubstantial instructions” have been changed in the memorandum of understanding, and the period due diligence of Tapuz has been extended to the end of 2000.
The Tapuz-Suny deal was intended to rescue Tapuz, which is controlled by Nir Lotan, Gilad Bieman, Mivtach Shamir Holdings and Samurai Web Venture. At the beginning of the year, Tapuz had planned to issue at a company value of $40-50 million, but due to a postponement, the company faced cash-flow problems that markedly reduced its value. Suny, according to the original statement, planned to merge Tapuz with its Achla! portal.
“Globes”: Why does Suny need four more months?
Bar Dov : “We simply need more time. There is nothing specific. Economically, the company is very organized, because it was about to issue, and had published a prospectus. We did not discover anything we did not already know, but the Internet is not a simple matter. It must be examined scrupulously.”
Are there negotiations for an alternative acquisition?
“No other acquisitions are being examined. To the contrary, we are tightening our cooperation with Tapuz. There are deals worth hundreds of thousands of dollars. They are building sites for us, Tapuz and Achla! exchange software, and more.” |