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May 18, 2011 Source: Makhteshim Agan Group news release On January 8, 2010, the Company announced that an agreement was signed with a subsidiary of the China National Chemical Corporation to carry out a merger that will result in the Company becoming private under joint ownership of ChemChina (60%) and Koor (40%). The Company's shares shall be purchased at a price that reflects a value of the Company of USD 2.4 billion and payment for them will be in US dollars. Accordingly, the price per share is USD 5.57 prior to dilution in a negligible amount likely to be caused by the exercise of employee options. On May 8th, 2011 the Company announced that ChemChina has obtained all required regulatory approvals for the transaction. At the same time, Koor announced that it is actively engaged in finalizing and approving its loan agreement with a Chinese bank. The Company continues to expect closing of the transaction in line with earlier indications. Pursuant to the Immediate Report dated January 16, 2011 in respect of an application to the Tel-Aviv District Court against the Company and its controlling shareholder, Koor Industries Ltd ("Koor") for the removal and prevention of discrimination, and a petition to have it recognized as a class action in accordance with the Class Actions Law, 2006, (together "the Petition") in respect of the merger agreement dated January 8, 2011 between a subsidiary of the China National Agrochemical Corporation ("ChemChina"), Koor and the Company. The Company reported on May 15, 2011, that an interim ruling was handed down by the court whereby Koor is not entitled to surplus consideration in respect of the benefit of the non-recourse loan that Koor was to have received as part of the Sales Transaction, and the value of said consideration must be divided between all the Company's shareholders - both shareholders from among the public and Koor in respect of all its holdings in the Company. The court also ruled that there would be an additional hearing on the Petition on June 13, 2011. Koor has informed the Company that it is studying the said ruling and is assessing the implications of the ruling and the steps it will take. Tweet |
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