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Nov 10, 2013

HFN Advises in NIS 1.2 Billion Reverse Triangular Merger

On October 6, 2013 the transaction for the purchase of Clal Industries Ltd. by the Access group was consummated. The transaction was performed in a reverse triangular merger procedure, as a result of which, Clal Industries became a private company and its shares were delisted from the Tel Aviv Stock Exchange.

The consideration of the transaction was in the amount of NIS 1.2 billion. The transaction was performed in a precedential structure in the context of corporate governance, based on the common standards in Delaware.

The transaction was led by an independent committee of directors, accompanied by first tier advisors, including Leumi Partners, Barclays, Prof. Lucian Bebchuk from Harvard and Prof. Assaf Hamdani from the Hebrew University.

The transaction was led by Capital Markets and Securities joint heads Ehud Sol and Ilanit Landesman Yogev.