|
News |
|
G. WILLI-FOOD INTERNATIONAL ANNOUNCES STRATEGIC INVESTMENT
IN ITS PRINCIPAL SHAREHOLDER, WILLI-FOOD INVESTMENTS
ZWI WILLIGER TO CONTINUE MANAGEMENT OF G. WILLI-FOOD INTERNATIONAL;
EXPANSION STRATEGY TO REMAIN ON TRACK
YAVNE, ISRAEL - JUNE 25, 2007 - G. WILLI-FOOD INTERNATIONAL LTD. (NASDAQ: WILC)
(the "COMPANY" or "WILLI FOOD"), one of Israel's largest food importers and a
single-source supplier of one of the world's most extensive range of quality
kosher food products, today announced that Zwi and Joseph Williger, majority
owners of the Company's principal shareholder, Willi-Food Investments Ltd.
(TASE: WLFD) ("Investments"), signed a share purchase agreement to sell an
aggregate of 3.9 million shares of Investments, constituting approximately 45%
of the currently outstanding shares of Investments, to Arcadi Gaydamak, an
international businessman, for an aggregate purchase price of NIS171.3 million
($40.5 million).
The transaction is expected to be executed at NIS 43.84 ($10.36) per share,
representing a 70% premium over the market price of Investments on the day of
signing. Zwi Williger would sell approximately 30.5% of his outstanding shares
in Investments, leaving him with approximately 8% of the outstanding shares; and
Joseph Williger would sell his entire holdings in Investments. The transaction
is subject to the approval of the Israeli Anti-trust authorities.
Following completion of the transaction, Zwi Williger is to continue to act as
CEO of Investments and its subsidiaries, including G. Willi-Food International
Ltd.
Zwi Williger commented: "Our commitment to Investments and G. Willi-Food remains
as strong as ever. We have built one of the most significant Kosher food
companies in Israel and are rapidly expanding our presence in international
markets. We are focused on driving long-term, profitable growth by capitalizing
on our expertise in product innovation and expanding distribution channels both
domestically and internationally."
Mr. Gaydamak is well-known philanthropist and the primary shareholder of several
public companies in Israel including Ocif Investment & Development Ltd., Petro
Group Ltd. and Gilon Investments (1979) Ltd.
The share price of Investments on the Tel Aviv Stock Exchange rose 25% when the
deal was announced in Israel yesterday.
ABOUT G. WILLI-FOOD INTERNATIONAL, LTD.
G. Willi-Food International Ltd. is one of Israel's largest food importers and a
single-source supplier of one of the world's most extensive ranges of quality
kosher food products. It currently imports, markets and distributes more than
400 food products manufactured by some 100 top-tier suppliers throughout the
world to more than 1,000 customers. The Company excels in identifying changing
tastes in its markets and sourcing high-quality kosher products to address them.
For more information, please visit the Company's website at
www.willi-food.co.il.
EXCEPT FOR HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS SET FORTH IN
THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT ARE DEPENDENT ON CERTAIN
RISKS AND UNCERTAINTIES, INCLUDING SUCH FACTORS, AMONG OTHERS, AS MARKET
ACCEPTANCE, MARKET DEMAND, PRICING, COMPETITION, CHANGING ECONOMIC CONDITIONS
AND OTHER RISK FACTORS DETAILED IN THE COMPANY'S SEC FILINGS.
COMPANY CONTACT:
G. Willi Food International Ltd.
Chen Shlein, CFO
(+972) 8-932-1000
chen@willi-food.co.il
IR CONTACT:
The Global Consulting Group
Christopher Chu
(646) 284-9426
cchu@hfgcg.com