ISRAMCO, INC. ANNOUNCES COMPLETION OF MERGER
October 25 2019 - 8:41AM
Isramco, Inc. (NASDAQ CM: ISRL) (“Isramco” or the “Company”),
announced today the completion of the merger (the “Merger”)
contemplated by the previously announced Agreement and Plan of
Merger, dated as of May 20, 2019 (the “Merger Agreement”), by and
among the Company, Naphtha Israel Petroleum Corporation Ltd.
(“Naphtha”), Naphtha Holding Ltd. (“NHL”), I.O.C. – Israel Oil
Company, LTD. (“IOC”) and Naphtha US Oil, Inc. (“Merger Sub” and,
together with Naphtha, NHL and IOC, the “Naphtha Group”).
The Merger, originally announced on May 20, 2019, was approved
by the Company’s stockholders at a special meeting held on October
22, 2019. Under the terms of the Merger Agreement, Isramco
stockholders receive US $121.40 per share of Company common
stock.
As a result of the Merger, Isramco became an indirect wholly
owned subsidiary of Naphtha and the Company’s common stock has
ceased trading and will be delisted from the NASDAQ Capital
Market.
Duff & Phelps, LLC served as the sole financial advisor to
the special committee of the Company’s Board of Directors and
Norton Rose Fulbright US LLP served as U.S. legal counsel to the
special committee. Baker Botts L.L.P. served as U.S. legal counsel
to Naphtha Group.
About Naphtha
Naphtha is an Israeli public company, whose shares are listed
for trading on the Tel-Aviv Stock Exchange (TLV:NFTA). Naphtha
engages primarily, through its subsidiaries, in exploration,
development and production of oil & gas: offshore Israel and
onshore U.S. Naphtha also is engaged in the field of commercial
real-estate and hotel management, in Israel and in Europe.
About Isramco
Isramco, Inc. is an independent oil and natural gas company
engaged in the exploration, development and production of oil and
natural gas properties located onshore in the United States and
ownership of various royalty interests in oil and gas concessions
located offshore Israel. The Company also operates a well service
company that provides well maintenance, workover services, well
completion and recompletion services and production services
company that provides a full range of onshore production services
U.S. oil and gas producers and a transportation company providing
transport of liquefied petroleum products.
FOR FURTHER INFORMATION: Isramco, Inc.Attn:
Co-Chief Executive Officer / Chief Financial Officer1001 West Loop
South, Suite 750, Houston, Texas 77027www.isramcousa.com or
(713) 621-3882
Israel Acquisitions (NASDAQ:ISRL)
Historical Stock Chart
From May 2024 to Jun 2024
Israel Acquisitions (NASDAQ:ISRL)
Historical Stock Chart
From Jun 2023 to Jun 2024