Wednesday September 20, 1:06 pm Eastern Time

Formula Systems offers to buy remainder of Forsoft shares

NEW YORK, Sept 20 (Reuters) - Software consulting company Formula Systems (1985) Ltd. (Nasdaq: FORTY - news) on Wednesday said it would offer to buy the 33 percent of ForSoft Ltd. (Nasdaq: FORS - news) stock that it does not already own.

Formula Systems said it would offer to purchase the shares for $9 each in a cash tender offer, a premium of 36 percent compared to the price of the shares at the close of market on Tuesday. Both companies are based in Israel.

Formula Systems Chairman Dan Goldstein said private ownership of ForSoft was best for the company.

"The direct and indirect costs of conducting a public company in these stages of its life cycle might not allow the extraction of all potential benefits for existing investors," Goldstein said in a statement.

Shares of ForSoft jumped $2-1/16, or 31 percent, to $8-11/16 on the Nasdaq exchange. Also on Nasdaq, shares of Formula Systems rose 5/16 to $45.