AMPL: Offer to Acquire Gadot

Wednesday, July 23, 2008
Ampal-American Israel Corporation (AMPL) announced that Merhav-Ampal Energy Ltd. (MAE), a wholly owned subsidiary of Ampal, has commenced offers in Israel to purchase all outstanding shares of common stock and all outstanding convertible debentures of Gadot Chemical Tankers And Terminals Ltd. The consummation of the offer to purchase the Shares is conditioned upon, among other things, the tender of at least 15.72% of the outstanding Shares of Gadot and the tender of a sufficient number of convertible debentures such that Gadot will not be reporting issuer due to the convertible debentures. If the offers to purchase the Shares and convertible debentures are consummated, Ampal, through MAE, will hold at least 95% of the share capital of Gadot and will be able to require the remaining shareholders of Gadot to sell their shares to MAE. Currently, Ampal, through MAE, holds 79.28% of the outstanding share capital of Gadot (78.84% on a fully diluted basis). Source: Trading Markets

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