SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 11, 1998
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PEC Israel Economic Corporation
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(Exact Name of Registrant as Specified in Charter)
Maine 1-8707 13-1143528
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
511 Fifth Avenue, New York, New York 10017
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 687-2400
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. OTHER EVENTS AND
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
On December 11, 1998, PEC Israel Economic Corporation (the "Company")
issued the press release, which is exhibit 1 hereto, reporting that the Special
Committee of the Company's Board of Directors and the Company's Board of
Directors recommended acceptance by the Company's shareholders of a revised
offer from IDB Development Corporation Ltd. ("IDBD"), the owner of approximately
81.35% of the outstanding shares of the Company, to acquire all of the
outstanding shares of common stock of the Company not owned by IDBD (the "Public
Shares") for a cash price of $30.00.
On December 14, 1998, the Company issued the press release, which is
exhibit 2 hereto, reporting that on December 11, 1998 two shareholders of the
Company filed a purported class action against the Company and its directors
alleging that IDBD's revised offer to purchase the Public Shares for a cash
price of $30.00 per share is unfair.
On December 15, 1998, the Company issued the press release, which is
exhibit 3 hereto, reporting that the Company had signed a definitive merger
agreement for the acquisition by IDBD of the Public Shares for a cash price of
$30.00 per share.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PEC ISRAEL ECONOMIC CORPORATION
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(Registrant)
By:/s/ JAMES I. EDELSON
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Date: December 21, 1998 James I. Edelson,
Executive Vice President
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