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News Breaks
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January 10, 2012
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| 05:56 EDT |  | EMITF |
| theflyonthewall.com: | Elbit Imaging announces sale of its Gap operations in Israel | | Elbit Imaging announced that the company and its subsidiary Elbit Trade & Retail Ltd. entered into an agreement with Gottex Models Ltd., for the sale of all its shares in Elbit Trade and all their interests in GB Brands, Limited Partnership, which is the franchisee of the GapTM brand in Israel. The purchase price to be paid by Gottex under the agreement is NIS26M, plus the agreed value of the Gap inventory as of the closing date, which is estimated to approximately NIS 14 million as of the date hereof, reflecting a total consideration of NIS40M. The said consideration is subject to adjustments based on the agreed value of the working capital attributed to the Gap activity as of the closing date. The transaction is expected to close in February 2012, and is subject to approval of the Israeli Antitrust Authority as well as the satisfaction of certain other closing conditions. :theflyonthewall.com |
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May 17, 2012
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| 06:20 EDT | | EMITF |
| theflyonthewall.com: | Elbit Imaging transfers title in the shares of four hotels to PPHE Hotel Group | | Elbit Imaging announced, further to its announcement on April 1 in respect of a Share Purchase agreement with PPHE Hotel Group Ltd and PPHE Netherlands B.V., with regard to the sale of Elbit's holdings in its subsidiaries which own a 50% interest in the following hotels in the Netherlands: the Park Plaza Victoria Amsterdam Hotel; the Park Plaza Utrecht Hotel; the art'otel Amsterdam and the Park Plaza Airport Hotel, that the transfer of title in the shares of the Purchased Companies to PPHE Netherlands B.V. and the payment of the consideration have occurred. The consideration in the transaction consists of: the payment of $23M in cash and the issuance of 700,000 ordinary shares of PPHE to Elbit, with an estimated fair market value of approximately 3.5M. :theflyonthewall.com |
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