Elbit Imaging Announces Termination Of Talks For Purchase Of Gamida Cell

(RTTNews) - Elbit Imaging Ltd. (EMITF) announced Thursday that Gamida Cell Ltd. has notified Elbit Medical Ltd that negotiations of a possible purchase of Gamida Cell by a global pharmaceutical company or Purchaser have been terminated.

Elbit Imaging said that the company, Elbit Medical and Gamida Cell are evaluating the consequences of termination of the discussions.

On, March 18, Elbit Imaging Ltd said that Elbit Medical Technologies Ltd., a subsidiary of the Company in which it holds approximately 86% of the voting power, announced that on March 7, 2014, Gamida Cell Ltd., in which Elbit Medical holds approximately 30.8% of the voting power, received a non-binding proposal contemplating its purchase by a global pharmaceutical company. The proposed consideration for such purchase was expected to include a payment of a significant amount upon closing, as well as certain milestone-based payments, with such proposed consideration expected to amount to up to several hundred million dollars.