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Management Side
Hadera Paper Acquires All Outstanding Shares of Carmel Container Systems
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Hadera, Israel, 04 October 2010 -- /PRNewswire/ -- Hadera Paper Ltd. (AMEX: AIP)  announced today that it has successfully completed its tender offer to purchase shares of Carmel Container Systems Ltd. for USD 22.50 per share in cash, less any required withholding taxes and without interest, for the total amount of approximately USD 4.2 million.

Hadera Paper has been advised by the depositary for the tender offer that, as of the final expiration of the tender offer, a total of 155,260 Carmel shares had been validly tendered and not properly withdrawn pursuant to the offer.

Under Israeli law, Hadera Paper is automatically acquiring the entire number of shares subject to the tender offer, including all shares owned by nontendering shareholders. Accordingly, as of the closing of the tender offer, Hadera Paper owns 100% of Carmel's issued and outstanding share capital and voting rights (excluding shares held in treasury).

Payment for the shares (including shares automatically purchased under Israeli law by no-tendering shareholders) will be made through American Stock Transfer & Trust Company, the depositary for the tender offer.
 

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