G. Willi-Food International Ltd. cancelled to acquire a 70% stake in all assets and activities from Miki Food Industries Fish and Salads Ltd.
September 08, 2019
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G. Willi-Food International Ltd. (NasdaqCM:WILC) signed a memorandum of understanding to acquire a 70% stake in all assets and activities from Miki Food Industries Fish and Salads (1992) Ltd. on April 22, 2019. The transaction will be structured in a way where G. Willi-Food and Miki will establish a new company which will acquire all assets and activities (other than land rights) of Miki, in exchange of ILS 10 million plus VAT. In addition, G. Willi-Food will extend to the new company a shareholders' loan in the amount of ILS 5 million. Upon the completion, G. Willi-Food will own 70% (on a fully diluted basis) and Miki will own 30% (on a fully diluted basis) in the new company. In a related transaction, G. Willi-Food International Ltd. (NasdaqCM:WILC) signed a memorandum of understanding to acquire a 10% stake in Bikurei Hasadeh North 1994 Ltd. on April 22, 2019. The Miki transaction is subject to 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 MIki MOU, and is subject to signing of definitive agreement.
G. Willi-Food International Ltd. (NasdaqCM:WILC) cancelled to acquire a 70% stake in all assets and activities from Miki Food Industries Fish and Salads (1992) Ltd. on September 9, 2019. The negotiations between the parties did not mature into an agreement and the parties ceased the discussions regarding this acquisition.
G. Willi-Food International Ltd. is a holding company. The Company is engaged directly and through subsidiaries, in the development, import, export, marketing and distribution of a range of over 600 food products around the world. The principal products in the import segment product line include Canned Vegetables and Pickles, Canned Fish, Canned Fruit, Edible Oils, Dairy and Dairy Substitute Products, Dried Fruit, Nuts and Beans, and Other Products. Its brands include Willi-Food, Gold-Frost, Gold Food, Tifeeret, Donna Rozza, Completa, Raskas and Del Monte, among others. The Company's products are marketed and sold to approximately 1,500 customers throughout Israel and outside of Israel. The Company's customers generally fall within one of the two groups, including retail supermarket chains in the organized market, and private supermarket chains, mini-markets, wholesalers, food manufacturers, institutional consumers, such as catering halls, hotels, hospitals and food producers.
G. WILLI-FOOD INTERNATIONAL LTD. 
