Business
G. Willi-Food Announces Execution of Memorandum of Understanding With Respect to Potential Acquisitions
YAVNE, Israel, April 22, 2019 G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi Food"), a global food company specializing in the
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, April 22, 2019 G. Willi-Food International Ltd. (NASDAQ: WILC) (the \"Company\" or \"Willi Food\"), a global food company specializing in the development, manufacturing, marketing and international distribution of kosher foods, announced today that following reports in the Israeli media, it has signed two separate memorandums of understanding which are independent of each other (the \"MOU's\" and the \"Transactions\", as the case may be).\nThe following are details of the main terms of the MOU's:\n1. Memorandums of understanding for an investment in Bikurei Hasadeh North 1994 Ltd. (\"Bikurei Hasadeh\" and \"Bikurei Hasadeh MOU\", respectively):\nAbout Bikurei HasadehBikurei Hasadeh is a private company engaged in the import, distribution and marketing of fresh fruits and vegetables to the retail and institutional market in Israel.\nMain terms of the Bikurei Hasadeh MOUSubject to the signing of a definitive agreement to be agreed between the parties which will be based on the principles set out in the Bikurei Hasadeh MOU, and the fulfillment of all the conditions precedent set out in in such definitive agreement, Bikurei Hasadeh will issue to the Company 41% of its issued share capital on a fully diluted basis, for consideration of NIS 70 million (the \"Issuing\"). Simultaneously with the execution of the Issuing, the founding shareholders of Bikurei Hasadeh will sell to the Company 10% of the issued share capital of Bikurei Hasadeh (the \"Sale\"). After the Issuing and Sale, the Company would hold 51% of the share capital of Bikurei Hasadeh, on a fully diluted basis.\nThe Bikurei Hasadeh MOU includes conditions precedent which are customary in agreements of this kind, including the completion of a due diligence within 90 days of the signing of the Bikurei Hasadeh MOU.\n2. Memorandums of understanding for an investment in Miki Food Industries Fish and Salads (1992) Ltd. (\"Miki\" and the \"Miki MOU\", respectively)\nAbout Miki Miki is a private company engaged in the production of a wide range of salads, fish salads and smoked fish products.\nMain terms of the Miki MOUSubject to the signing of a definitive agreement to be agreed between the parties which will be based on the principles set out in the Miki MOU, and the fulfillment of all the conditions precedent set out in such definitive agreement, the Company and ...