Alon Blue Square Israel Ltd (BSI) said that it reached an agreement to sell its interest in Diners Club Israel Ltd.
As part of the deal, BSI (which holds 36.75% of the share capital of Diners) and Dor Alon Financing Ltd. (a wholly owned subsidiary of Dor Alon Energy In Israel (1988) Ltd. which holds 12.25% of the share capital of Diners) would sell their respective shareholdings in Diners to Credit Card for Israel Ltd. for aggregate consideration of NIS 130 million to be distributed pro rata between BSI and Dor Alon. BSI's pro-rata share in the consideration shall be NIS 97,500,000 (U.S. $25.07 million (using Google's Currency Converter ))
Credit Card for Israel Ltd. will also pay to BSI and Dor Alon four additional installments of NIS 5 million each to be distributed pro rata between the Company and Dor Alon (with BSI's pro-rata portion of each additional installment to be NIS 3,750,000) on each of March 31, 2016, September 9, 2016, March 31, 2017 and September 30, 2017 upon the satisfaction of various conditions precedent
For the first half of 2015, BSI posted revenues of NIS 6,380.8 million and a net loss of NIS 562.3 million for the period
BSIoperates in five reportable operating segments and is the largest retail company in the State of Israel. In the Fueling and Commercial Sites segment, BSI through its 63.13% subsidiary Dor Alon Energy in Israel (1988) Ltd. is one of the four largest fuel retail companies in Israel based on the number of petrol stations and a leader in the field of convenience stores operating a chain of 211 petrol stations and 220 convenience stores in different formats in Israel
A consortium formed by Jiangsu Sanyou Group Co Ltd. (also known as Meinian Onehealth Healthcare (Group) Co., Ltd.), Ping An Insurance (Group) Company of China, Ltd., China Taiping Insurance Group Co., Ltd., Huatai Ruilian, Sequoia China and Cathay Capital has submitted a preliminary non-binding proposal to acquire iKang Healthcare Group, Inc. (KANG) in cash for $22.00 per American Depositary Share (ADS)
The Proposal is subject to further negotiation of definitive agreements and the satisfaction of customary closing conditions, including regulatory approvals.
KANGwill release its unaudited financial results for the second quarter ended September 30, 2015 on November 30, 2015 after the market closes.
KANGis the largest provider in China's fast growing private preventive healthcare services market, accounting for approximately 13.6% of market share in terms of revenue in calendar year 2014.
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