Scitex Corporation Ltd says that it is engaged in preliminary negotiations for the possible sale of its holdings in Scitex Vision Ltd, of which it holds 75.5 per cent of the outstanding share capital (69.5 per cent on a fully diluted basis) for an enterprise value of Scitex Vision in the range of US$230-250 million. The proposed transaction is subject to a due diligence process, negotiation and execution of definitive agreements.
According to a company statement, "There is no assurance whatsoever that any transaction will result with respect to Scitex Vision or as to the terms, deal structure and the purchase price for Scitex Vision if a sale occurs".
As previously announced by the company, Scitex Corp has been pursuing various strategic alternatives, including a sale and an IPO, of its holdings.
