Israel’s Intimate apparel label Delta Galil’s self-tender expired on December 23. The company offered to repurchase, at a price of $11 per share, up to an aggregate of 565,000 of its ordinary shares and American depositary shares, representing approximately three percent of its outstanding shares.
Shareholders tendered an aggregate of 13,445,184 ordinary shares and American depositary shares. Delta Galil will purchase an aggregate of only 565,000 shares, by purchasing from each tendering shareholder 4.20 percent of the properly tendered shares on a pro rata basis, rounded to the nearest whole number to avoid fractional shares.
Shareholders who submitted American Depositary Receipts directly to Alpine Fiduciary Services, the US Receiving Agent, will receive by mail a check for the aggregate purchase price of the American Depositary Shares actually purchased. Such shareholders will separately receive a certificate for the balance of American Depositary Shares that were tendered but not purchased in the tender offer.
Registered holders of ordinary shares who submitted ordinary shares to Israel Brokerage and Investment IBI, the Israeli Receiving Agent, will receive the aggregate purchase price of the ordinary shares actually purchased in accordance with the terms of the Ordinary Share Form of Acceptance submitted by such shareholder. Such shareholders will separately receive a certificate for the balance of Ordinary Shares that were tendered but not purchased in the tender offer.
Delta Galil is a global manufacturer of apparel for the mass market sold under brands such as Ralph Lauren, Donna Karan, Calvin Klein, Hugo Boss and Nike. Delta's products are sold worldwide through retailers including Marks & Spencer, Victoria's Secret, GAP, Banana Republic, Carrefour, J. Crew, Target and Wal-Mart. Headquartered in Israel, Delta operates manufacturing facilities in Israel, Scotland, Jordan, Egypt, Turkey, Eastern Europe, North and Central America, Caribbean and the Far East. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
