Alvarion Ltd. (ALVR:US), an Israeli developer of wireless access solutions, surged 70 percent in New York after daily Globes said private-equity firm Sigma Wave Ltd. may acquire the company.
Shares of Tel Aviv-based Alvarion soared the most since March 2000 to 38 cents at 2:47 p.m. in New York, extending a four-day rally to 105 percent. Trading volume was five times the average of the past 90 days. The stock climbed 78 percent in Israel, capping the biggest advance since July 2001.
Private-equity firm Sigma may acquire Alvarion through SuperCom Ltd. (SPCBF:US), an Israeli developer of electronic identity solutions, Globes reported yesterday, without saying where it obtained the information. Alon Fishman, an adviser at Sigma, confirmed the company is in negotiations to acquire Alvarion.
“It’s not final yet, but we are surely interested,” he said by phone from Tel Aviv. “We hope the process will end positively before the end of this month.”
Alvarion’s Vice President of Investor Relations Elana Holzman based in Tel Aviv, did not respond to e-mails or phone calls requesting comment after regular business hours.
“It’s just the report about a possible acquisition,” Daniel Rapoport, head of equity and derivatives at Bank Leumi Le-Israel Ltd. said from Tel Aviv by phone. “This is why people are buying.”
To contact the reporter on this story: Jessica Summers in New York at email@example.com
To contact the editor responsible for this story: Tal Barak Harif at firstname.lastname@example.org