DSP Communications, Intel Announce Receipt of Israeli Regulatory Approvals

<%=company2%> (Santa Clara, CA) and N/A (DSPC; Cupertino, CA) have won approval from the Israeli Office of the Chief Scientist for the indirect acquisition of DSPC's Israeli subsidiaries by Intel or an affiliated company, through the previously announced acquisition of DSPC by Intel.

In addition, the Investment Center of the Israeli Ministry of Industry and Trade notified DSPC that its approval is not required for the acquisition of DSPC by Intel, as this transaction does not result in a change in the direct ownership of DSPC's Israeli subsidiaries. The companies also announced they received approvals from the Director General of the Israeli Antitrust Authority, thereby completing all Israeli governmental approvals of the transaction.

CWC Acquisition Corp., a wholly owned subsidiary of Intel, commenced an all-cash tender offer for all of the shares of common stock of DSPC for $36.00 per share. The tender offer will expire at midnight, New York City time, on Wednesday, Nov. 17, 1999, unless the offer is extended. The companies anticipate they will have all the necessary regulatory clearances by Nov. 17.

Edited by Kristin Keiser