Blue Square Announces Completion of Acquisition of 51% Outstanding Shares of Eden Briut Teva Market Ltd.
Eden is a private Israeli retail company established in 2003, currently operating 2 supermarket stores specializing in organic, natural and health food products.
12/10/07 Blue Square-Israel Ltd. announced that further to its announcement dated August 3, 2007, regarding the signing of a term sheet with Eden Briut Teva Market Ltd. and with Eden's shareholders for the acquisition of 51% of the outstanding shares of Eden, the parties have received the required approvals for the acquisition and the transaction as agreed in the Term Sheet has been completed. Following the completion of the transaction Blue Square now owns 51% of the outstanding shares of Eden.
Eden is a private Israeli retail company established in 2003, currently operating 2 supermarket stores specializing in organic, natural and health food products. Blue Square and Eden's other shareholders intend to accelerate the development of Eden's chain of supermarkets in Israel.
Blue Square CEO, Mr. Kalimi, commented after the completion of the transaction:
"We are delighted to complete the acquisition of the control of Eden , a pioneer chain of two large stores (one of approx. 750 square meters and one of approx. 3,000 square meters), and we will work with Eden's other shareholders to extend Eden's brand throughout Israel. We expect that our joint efforts will boost our results while positioning us to benefit from one of the market's strongest long-term growth drivers- organic food."
