Osem, among leading Israeli food companies, acquired by Nestle in reverse triangular merger
Tel Aviv, Israel—Israeli law firm Gotnitzky & Co. is representing Osem Investments Ltd., one of Israel’s leading food companies, in a reverse triangular merger that will see the company become part of Nestle S.A. and be delisted from the Tel Aviv Stock Exchange.
Nestle, which had been the controlling shareholder in Osem since 1997, will acquire all publicly held Osem stock based on a valuation of NIS 9.13 billion. Once the transactions are complete, Osem will be delisted from the TASE and become a privately held company wholly owned by Nestle.
The merger was what’s known as a reverse triangular merger, where a company creates a subsidiary, the subsidiary acquires another company and then is re-absorbed by the parent company. The process allows the larger company to more easily acquire the target company’s contracts and non-transferrable assets.
Osem, with a sales volume of more than 4 billionNIS a year, is Israel’s third largest food company. It was represented by Gornitzky & Co. Law Firm(http://www.gornitzky.com/), a leading law firm in Israel, which has been involved in the most complex and largest transactions in the country. The Gornitzky & Co. team working with Osem on the merger was Lior Porat (Partner), Yair Shloni (Partner) and Uri Heller (Associate).
The firm, which is nearly 80 years old, practices in multiple different areas of law, and is widely recognized for its expertise with commercial law in particular. It represents Israeli government agencies, major Israeli corporations and multinational corporations operating in Israel.
More information about Gornitzky & Co. is available at http://www.gornitzky.com.
Gornitzky & Co.
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