Brief: Naphtha - Delivered A Proposal Letter To Isramco To Acquire Shares Not Currently Owned By Naphtha Or Units For $110.36 Per Share In Cash

Israel Acquisitions

08/01/2019 22:30

Jan 8 (Reuters) - Isramco Inc  ISRL.O :
    * NAPHTHA - DELIVERED A PROPOSAL LETTER TO ISRAMCO TO
ACQUIRE
SHARES NOT CURRENTLY OWNED BY NAPHTHA OR UNITS FOR $110.36 PER
SHARE IN CASH
    * NAPHTHA - THROUGH PROPOSED OFFER, INTEND FOR ISRAMCO TO
BECOME A
PRIVATELY OWNED SUBSIDIARY OF NAPHTHA
    * NAPHTHA - HAS NO INTEREST IN DISPOSITION OR SALE OF ITS
HOLDINGS
IN ISRAMCO , NOR WOULD IT EXPECT TO VOTE IN FAVOR OF ANY
ALTERNATIVE SALE, MERGER
    * NAPHTHA - EXPECTS SPECIAL COMMITTEE APPOINTED BY ISRAMCO 
BOARD
WILL ENGAGE ITS OWN LEGAL AND FINANCIAL ADVISORS TO ASSIST IN
REVIEW - SEC FILING
    * NAPHTHA - PROPOSED ISRAMCO OFFER WILL BE SUBJECT TO
NON-WAIVABLE
CONDITION REQUIRING APPROVAL OF MAJORITY OF SHARES NOT OWNED BY
NAPHTHA OR AFFILIATES
    * NAPHTHA - EXPECT THAT ISRAMCO TRANSACTION WOULD BE
STRUCTURED AS
A REVERSE TRIANGULAR MERGER
    * NAPHTHA - WILL NOT MOVE FORWARD WITH ISRAMCO TRANSACTION
UNLESS
IT IS APPROVED BY A SPECIAL COMMITTEE
    * NAPHTHA - NAPHTHA AND ITS SUBSIDIARIES OWN 70.74% OF THE
OUTSTANDING SHARES OF COMMON STOCK OF ISRAMCO

Source text: (https://bit.ly/2Fku1Hh)
Further company coverage:  ISRL.O 

 ((Reuters.Briefs@thomsonreuters.com;))