By Zack Miller
www.IsraelNewsletter.com

ECI Telecom (ECIL) announced today that it is currently in discussions with a group of investors led by Swarth Investments, an investment vehicle headed by Shaul Shani, regarding a potential acquisition of the controlling share of ECI at more than $10/share, a premium of over 12% over Friday’s close on Nasdaq. This is an exit for Nochi Danker’s IDB Holdings which owns the controlling interest in ECI. The total sale should be approximately $500MM, according to Maariv. Maariv also reports that Shlomo Dovrat, “the leading force behind the sale of the control,” will be selling his 5% stake as well.

Globes ran the story that healthcare technologies company, Card Guard AG, announced that it has pulled its planned Nasdaq IPO for subsidiary, LifeWatch. Cowen, Jeffries and Piper were all working the deal.

Interesting Ynet story on the UK economic boycott of Israel: The story quotes British attache, Richard Salt, saying that the British economic boycott of Israel is “pointless and frivolous…but won’t likely damage Israel’s thriving economy.”

Another interesting Ynet story: Israeli security and compliance testing company, Watchfire, is to be acquired by IBM. “According to a 2005 CSI/FBI Survey, internal security attacks cost US businesses $400 billion per year. Watchfire technology, together with IBM, can help customers reduce these security risks and the associated costs to their bottom line.” Reportedly, Watchfire has more than 800 customers in numerous industries.

Disclosure: Author’s fund is long ECIL 6/17/07.

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Zack Miller is the lead equity analyst for America Israel Investment Associates, LLC. and a former equity analyst for a leading multinational hedge fund. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email zack@profile-financial.com

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