Hadera Paper Ltd. Moves to Acquire Carmel Shares
Hadera, Israel, 08 July 2008/PRNewswire-FirstCall/ -- Hadera Paper Ltd. (AMEX:AIP) (AIPM) announced today that following the company's announcement dated 02 July 2008 regarding negotiation to purchase the holdings (49.5%) of the main shareholder of Carmel Containers Systems Ltd., an affiliated company, the company's board of directors authorized the company's management to purchase the above-mentioned holdings and also, the holdings of a number of additional shareholders in Carmel, all together, a total of approximately 53% of Carmel's shares, for the total consideration of approximately USD 20.77 million.
On completion of the transaction, the company will hold approximately 89.3% of Carmel's shares. However, there can be no assurance that a binding agreement can be reached; if a binding agreement is signed, the completion of the transaction is conditioned upon the receiving of the approvals required by law, including the approval of the Israeli Antitrust Authority.
Source: Hadera Paper Ltd