Israeili satellite equipment maker
Gilat Satellite Networks says investors led by Gores Group LLC were in breach of an agreement to buy the company and is giving them 72 hours to ``fulfill their obligations,” reports
Bloomberg News.
Gores Group and Mivtach Shamir Holdings Ltd. verbally informed the company that they won't complete an agreement to buy Gilat for $11.40 a share in cash, Petah Tikva, Israel-based Gilat said in a statement.
The buyers questioned whether Gilat met the terms of the takeover, Gilat said on Aug. 14. Gilat agreed in March to be acquired by the group for $475 million. The buyers have made new proposals that are ``substantially different'' from the takeover agreement, Gilat said.
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