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In the second major takeover of an Israeli technology company in a week, Msystems agreed to be acquired by fellow flash memory company SanDisk in a stock deal valued at $36 a share, or a total of about $1.3 billion.
Under the agreement, each share of Kfar Saba-based
Msystems will be converted into 0.76368 of a share of SanDisk common stock, representing a 26% premium over the average closing price of Msystems' shares for the last 30 trading days.
Completion of the transaction was expected in the
fourth quarter subject to, among other things, Israeli court approval, regulatory approval and Msystems shareholder approval.
Last week, in the biggest buyout ever of an Israeli technology company, Hewlett-Packard bought Mercury Interactive Corp. for $4.5b.
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