Ampal-American Israel Corporation - (NASDAQ:AMPL) today announced that
Merhav Ampal Energy Ltd., a wholly owned subsidiary of Ampal, has
commenced in Israel an offer to purchase shares of Gadot Chemical
Tankers And Terminals Ltd. ("Gadot") (the "Offer"). The Offer is for up
to 15% of Gadot's issued share capital (14.68% on a fully diluted basis)
for a price per share of NIS 5.25 (approximately $1.52). The Offer will
expire on June, 3, 2008 at 14:00 Israel time.
Currently Ampal holds 64.41% of the outstanding share capital of Gadot
(63.95% on a fully diluted basis).
Gadot and its group of companies form Israel's leading chemical
distribution organization. Gadot ships, stores, and distributes liquid
chemicals, oils, and a large variety of materials to the local industry.
Gadot shares are traded on the Tel Aviv Stock Exchange under the symbol “GDTN.”
About Ampal:
Ampal and its subsidiaries acquire interests primarily in businesses
located in the State of Israel or that are Israel-related. The Company
is seeking opportunistic situations in a variety of industries, with a
focus on energy and related sectors. The Company’s
goal is to develop or acquire majority interests in businesses that are
profitable and generate significant free cash flow that Ampal can
control. For more information about Ampal please visit our web site at www.ampal.com.
Safe Harbor Statement
Certain information in this press release includes forward-looking
statements (within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934) and
information relating to Ampal that are based on the beliefs of
management of Ampal as well as assumptions made by and information
currently available to the management of Ampal. When used in this press
release, the words "anticipate," "believe," "estimate," "expect,"
"intend," "plan," and similar expressions as they relate to Ampal or
Ampal's management, identify forward-looking statements. Such statements
reflect the current views of Ampal with respect to future events or
future financial performance of Ampal, the outcome of which is subject
to certain risks and other factors which could cause actual results to
differ materially from those anticipated by the forward-looking
statements, including among others, the economic and political
conditions in Israel, the Middle East, including the situation in Iraq,
and the global business and economic conditions in the different sectors
and markets where Ampal's portfolio companies operate. Should any of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results or outcome may vary from
those described herein as anticipated, believed, estimated, expected,
intended or planned. Subsequent written and oral forward-looking
statements attributable to Ampal or persons acting on its behalf are
expressly qualified in their entirety by the cautionary statements in
this paragraph. Please refer to the Ampal's annual, quarterly and
periodic reports on file with the SEC for a more detailed discussion of
these and other risks that could cause results to differ materially.
Ampal assumes no obligation to update or revise any forward-looking
statements.
