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Given Imaging Gains to Highest in Year After Fuji Talks Report

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Oct. 21 (Bloomberg) -- Given Imaging Ltd. jumped to the highest close in more than a year after Calcalist reported Japan’s Fujinon Corp. is in talks to buy the company, valuing it 34 percent above last week’s close.

Shares of the Israeli maker of a capsule-sized camera for diagnosing digestive ailments climbed 7.8 percent to 75.23 shekels at the close in Tel Aviv, the highest level since July 2011. The shares earlier rose as much as 17 percent.

Fujinon, a unit of Fujifilm Holdings Corp., is in talks to buy Given Imaging at a valuation of $750 million, Hebrew daily Calcalist reported, without saying how it obtained the information. Given Imaging rose 22 percent last week in the U.S., giving it a market value of $561.3 million, after saying it’s been approached about a possible takeover.

Given Imaging is exploring strategic options including a possible merger or sale and Barclays Plc is helping it in the process, the company said in a statement on Oct. 18. The board of the Yokneam-based company appointed a committee to oversee the process. Given Imaging is held by Nochi Dankner’s IDB Holding Corp through units Elron Electronic Industries and Discount Investment Corporation.

Elron and Discount, commenting on media reports today, said the companies are not involved in talks being held by Given Imaging, according to separate statements to the Tel Aviv Stock Exchange website. A spokeswoman for IDB declined to comment on the Calcalist report. Messages left at Barclays’ Israel offices weren’t returned today.

IDB has been selling assets, including a stake in Clal Industries & Investments Ltd. to Len Blavatnik’s Access Industries Holdings Inc., as the company seeks to avoid default.

To contact the reporter on this story: David Wainer in Tel Aviv at dwainer3@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net