Microsoft bid for 3D tech company accepted?
Elron confirms "definitive agreement" with third party over the sale of 3DV Systems
Elron Electronic has confirmed that it has entered into a "definitive agreement" for the sale of the 3D technology company, 3DV Systems, to a third party, suspected to be Microsoft.
Earlier this year, Microsoft was said to be pursuing the acquisition of 3DV Systems for USD 35 million in order to use its interactive camera technology, similar to Sony's EyeToy, for the Xbox 360.
The sale is set to bring Elron and the Rafael Development Corporation, a subsidiary through which it owns 36 per cent of 3DV Sytems "approximately USD 3 million and USD 4 million, respectively".
"The transaction is expected to close in the second quarter of 2009," the company explained in a statement, adding: "There is no assurance that this transaction will be completed."
Trading in Elron's stock closed on March 27 at USD 2.39, down 1.65 per cent.