Thales Initiates Friendly Takeover Bid for CMT Medical Technologies

Thales (Neuilly-sur-Seine, France) has filed administrative documents with the French financial authority AMF (Autorité des Marchés Financiers) with an objective to acquire all the issued capital of CMT Medical Technologies, Ltd. (Yoqneam, Israel).

Under the terms of the offer, CMT shareholders would receive EUR 5.65 in cash for each CMT share, valuing the company at approximately EUR 21.5 million on a diluted basis. The offer is recommended by the board of CMT Medical Technologies. CMT is a key supplier of imaging products to medical equipment-original equipment manufacturers (OEMs), chiefly in Asia and the United States. The company generated about US$22 million in revenues in 2007.

The acquisition of CMT is part of Thales's growth strategy focused in the market for medical imaging system as a critical partner to OEM providers. The Israeli company would complement Thales's medical detectors portfolio, in particular, by adding capabilities in clinical image processing and by inducing easy integration into medical X-ray equipment. Thales values CMT's management and employees, providing unique and state-of-the-art digital imaging solutions, and intends to leverage the Yoqneam facility for the benefit of its customers.

"The acquisition of CMT will enable us to combine the capabilities of both our companies to provide our OEM customers with an expanded range of medical imaging products. The operation confirms our investment strategy in fast-growing markets," said Olivier Houssin, Thales's executive vice president in charge of security and services.

Thales is a leading international electronics and systems group, addressing defense, aerospace, and security markets worldwide. Thales' cutting-edge technology is supported by 22,000 R&D engineers who offer a capability to develop and deploy field-proven mission-critical information systems.

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