A Medical Device Daily

Elron Electronic Industries (Tel Aviv, Israel) said it is beginning a tender offer to buy about 1.46 million ordinary shares of Given Imaging (Yokneam, Israel) for $16.54 a share in cash.

If the tender offer is completed, Elron would pay Given Imaging an aggregate of about $24.19 million. If more than the maximum number of shares offered are tendered the company will buy shares on a pro rata basis.

Elron currently owns 8,002,180 Given Imaging shares, or roughly 27.4%. When taken together with Given Imaging shares owned by Elron affiliates the company owns 12,721,708 shares, or about 43.5%. If the offer is completed, Elron will own about 32.4% of the issued and outstanding Given Imaging shares — or 48.5% when taken together with the shares owned by its affiliates.

Elron's offer represents a 5% premium from last Thursday's closing price of $15.75 on Nasdaq.

The initial period of the tender offer and withdrawal rights are scheduled to expire at 10 a.m., EST, or 5 p.m., Israel time, on June 16, unless extended by Elron.

In other dealmaking news: QLT (Vancouver, British Columbia), a biopharmaceutical company, has agreed to sell the land and building comprising its corporate headquarters and an adjacent undeveloped parcel of land in Vancouver. The company said it would enter into a five-year lease of space in the building to continue its operations.