Blue Square Israel Ltd. (NYSE: BSI; TASE: BSI) controlling shareholder and chairman David Wiessman has submitted a bid for Wardinon Textile Ltd. (TASE: WRDT). The bid was made through Blue Square subsidiary Hamachsan Hamerkazi Kfar Hashaashuim Ltd.
The Wardninon family owns 85.79% of Wardinon Textile. Blue Square’s bid is for NIS 1.80 per share. Blue Square has asked Wardinon Textile CEO Uri Wardinon and chief designer Shula Wardinon to stay on if and when the takeover is completed, under terms to be agreed upon by the parties.
It has also been agreed that the Wardinon family may proceed with negotiations with any third party until January 15. Closing of the deal is subject to the parties agreeing on all the terms and the carrying out of due diligence.
Blue Square is negotiating to buy only Wardinon Textile, and not E. Wardinon Ltd. (TASE:WDNN), also controlled by the Wardinon family.
Wardinon Textile was founded in 1928. The company also manages a chain of 26 branded stores that market the company’s textiles and fashions, which are designed and manufactured in Israel and overseas. Products include bedding, towels, bathrobes and blankets.
Published by Globes [online], Israel business news - www.globes.co.il - on December 25, 2006
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