Carmel Container Systems has entered into an agreement, pursuant to which it would purchase all the shares of Best Carton (Best) from the company’s shareholders.
Carmel will issue to Best's shareholders such number of newly-issued ordinary shares of Carmel as will constitute 27.9 percent of the outstanding ordinary shares of Carmel following the issuance and the consummation of the transaction with Ampal described below.
Carmel is engaged in the manufacturing and marketing of paperboard based packaging products for use in the industrial, food and agricultural sectors in Israel. Best is an Israeli company engaged in the production and marketing of corrugated containers.
The consummation of the transaction is contingent upon fulfillment of several conditions, the approval of the general meeting of Carmel and upon obtaining the authorizations required by law including the approval of the Supervisor of Restrictive Business Practices in Israel.
Concurrently, Tri-Wall, a wholly owned subsidiary of Carmel entered into an agreement with Ampal Enterprises and Ampal American Israel Corporation, which is a member of the controlling group of Carmel, pursuant to which Tri-Wall will acquire all of Ampal's holdings in Carmel. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
