Scitex tight-lipped on reports of Scitex Vision sell off

According to reports from Tel Aviv, if Scitex Vision is sold, then Scitex, which was once the leading technology innovator in the industry, will be reduced to its cash box worth approx US$150 million. Israeli financier Nochi Dankner, who controls 50 per cent of Scitex, is supposedly deciding between floating Scitex Vision at a company valuation of $200 million to $250 million, or alternatively selling it outright.

In response, Scitex Corporation announced that in keeping with past practices, it continues to investigate strategic alternatives for the company, which include a possible public offering, disposition or acquisition.

It refrained from specifying the exact nature of what those developments would be. “There is no assurance that any of these alternatives will be pursued or, if one is pursued, the terms on which it would occur.”

The announcement was made in response to a report published in www.themarker.com. The report predicted the move would be announced immediately after the release of the Scitex 2004 results on March 2.

Shares in Scitex rose 7.4% last week following the report.