Israel's Merhav-Ampal begins offer for shares, convertibles of Gadot

By Susanna Moon

Chicago, July 22 - Ampal-American Israel Corp. said its wholly owned subsidiary, Merhav-Ampal Energy Ltd., began offers in Israel to purchase all outstanding common shares and convertible debentures of Gadot Chemical Tankers And Terminals Ltd.

The company said it would pay NIS 5.798 per share, or $1.673, for the stock and NIS 1.642 per bond, or $0.474, for the convertibles.

The offers will expire on Aug. 5 at 5:30 p.m. Israel time.

The completion of the offer is conditioned upon the tender of at least 15.72% of the outstanding shares of Gadot and of a sufficient number of convertible debentures such that Gadot will not be reporting issuer, according to a company press release.

If the offers are consummated, Ampal said it would hold at least 95% of Gadot's shares and will be able to require the remaining shareholders to sell their shares to Merhav.

Ampal now holds 79.28% of Gadot's outstanding shares through Merhav.

Gadot is a Netanya, Israel, chemical industry and sea freight services company.

Tel Aviv, Israel-based Ampal and its subsidiaries acquire interests primarily in businesses located in Israel or that are Israel-related.

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