Earlier this week, Tel-Aviv’s district court approved a plan to sell the assets of the Co-Op, including approximately 78.1% of leading retailer Blue Square-Israel’s ordinary shares.
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The consideration from the sale will be divided among the members of the Co-Op.
On 13 February 2002, the Co-Op Management Committee (CMC) submitted an application to Tel-Aviv’s district court regarding a plan to sell its assets, including around 78.1% of Blue Square Ordinary Shares. On 19 February, the court instructed the CMC to convene a meeting of the members of the Co-Op pursuant to the provisions of section 350 of the Companies Law, 1999, in order to confirm the settlement between the Co-Op and its members.
The meeting took place on 15 May and confirmed the proposed settlement by a majority of more than 99.9% of the members. On 26 May. the CMC submitted an application to the court to confirm the said settlement and to instruct the CMC to commence the selling procedure. On 8 July the court approved the settlement.
Furthermore, the court appointed an Audit Committee for the Co-Op, comprised of three members. The members are: Reuven Bachar, Advocate, Haim Samet, Advocate and Dr. Moshe Druker, Advocate and C.P.A.
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By GlobalDataBlue Square is not currently aware when a sale of the assets of the Co-Op will take place or to the identity of any buyer(s).
