SCITEX REJECTS $856 MILLION BID BY INVESTOR
Bloomberg Business News
Published: April 03, 1996
The Scitex Corporation has rejected a bid of $20 a share in cash from the investor Davidi Gilo, who expressed his disappointment yesterday. The proposal by Mr. Gilo, who owns 3 percent of Scitex, valued the company at $856 million. Shares of Scitex, the maker of computer imaging systems used in printing and graphic arts, fell 25 cents, to $17.625, in Nasdaq trading. The Scitex board said it would seek to increase the value of the company’s stock by working with its financial adviser, Alex. Brown & Sons. Mr. Gilo said that he and his advisers would “examine all alternatives.” Mr. Gilo is chairman of DSP Communications Inc., a chip maker, but the company has said it has no connection with the bid.
