Alon Blue: Court allows 15 days to negotiate Mega Retail acquisition

By Caroline Salls

Pittsburgh, April 20 – Alon Blue Square Israel Ltd. said the District Court of Lod, Israel, gave the trustees of Mega Retail Ltd., Alon controlling shareholder Moti Ben-Moshe and Alon Blue Square 15 days to negotiate regarding the acquisition of Mega Retail.

As previously reported, Ben-Moshe has offered to acquire the shares of Alon Blue Square’s controlling shareholders.

Alon Blue Square said in a news release that it intends to submit a plan of arrangement to the court in conjunction with a company controlled by Ben-Moshe.

The court recommended that the company and Ben-Moshe postpone their submission until the 15-day negotiation period has expired. The court also recommended that the company’s creditors refrain from taking any action during the negotiation period.

Alon creditors who do decide to file a claim during the 15-day period are required to provide two business days’ notice to the company, the Mega Retail trustees, the Official Receiver of the State of Israel and the court.

The Mega Retail trustees were ordered to update the other parties who are interested in acquiring Mega Retail regarding the timetable established by the court, the release said.

Based in Rosh Ha’Ayin, Israel, Alon Blue Square owns and operates supermarkets and specialty stores.

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