The acquisition has been approved by the company’s board of directors. The consideration is subject to adjustments if during a period of five years the company will enter into an agreement to acquire an additional shareholder’s holding in HBO for a consideration indicating to a value of over NIS240m for HBO. Subsequent to the acquisition, the company holds 74.5% of HBO’s issued share capital.
As part of the transaction, the company was notified of the withdrawal of Paz from the request for the approval of a derivative claim filed in 2006 by other shareholders in HBO against the company, which was approved by the Israeli court, as announced on October 25, 2009, a decision that is currently being reviewed by the Israeli High Court. The company was also notified on the waiver of Paz on all rights to claim, demand or complaint of all forms and types with regards to the derivative claim.
