Given Imaging Plunges Most in 5 Months as Sale Talks AbandonedDavid Wainer
Given Imaging Ltd. plunged the most since August after the Israeli maker of a capsule-sized camera said it had ended talks to merge or be acquired.
Shares dropped 13 percent, the biggest decline since Aug. 8, to 59.25 shekels ($15.89) at the close in Tel Aviv. The U.S. shares fell 11 percent to $16.13, the biggest intraday decline since Aug. 8, as of 10:01 a.m. in New York.
Given Imaging, which in October said it had hired Barclays Plc as it considered a possible sale or merger, is abandoning those plans and resuming its operating plan, to be supplemented by acquisitions and partnerships, it said in a statement. The company said parent Discount Investment Corporation intends to sell its 45.5 percent stake.
Discount, controlled by tycoon Nochi Dankner’s IDB Holding Corp, fell 3.3 percent to 12.28 shekels. IDB has been selling assets, including a stake in Clal Industries & Investments Ltd. to billionaire Len Blavatnik’s Access Industries Holdings Inc., as the company seeks to avoid default on its debt.