Elbit shareholders approve spin-off

November 20, 1996

Shareholders of Israeli technology company Elbit have approveda plan to split the firm into three separate companies. The mergerwill create two new companies in addition to Elbit: Elbit Systemsto concentrate on defense systems, and Elbit Medical Imaging

Shareholders of Israeli technology company Elbit have approveda plan to split the firm into three separate companies. The mergerwill create two new companies in addition to Elbit: Elbit Systemsto concentrate on defense systems, and Elbit Medical Imaging tofocus on medical imaging, including the operations of ultrasoundvendor Diasonics and multimodality vendor Elscint. Each Elbitshareholder will receive shares in the new companies, which willbe registered on the Tel Aviv and NASDAQ stock exchanges. Thedemerger also requires the approval of Israeli authorities.