Cellcom Israel (CEL) Updates on Golan Telecom Deal; Will Allow Negotiations with Third Parties
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Cellcom Israel Ltd. (NYSE: CEL) announced it is publishing this press release since the Company's controlling shareholder will report this information under its Israeli reporting obligations: Following previous reports regarding its agreement for the purchase of Golan Telecom Ltd., or Golan Telecom's, share capital, or SPA, which has not received regulatory approvals: (1) the Company has agreed to allow Golan Telecom (as an exception to its "no shop" obligation) to conduct negotiations with two third parties (which are not active MNOs), for a possible purchase of Golan Telecom's share capital or operations or a part thereof, subject to certain conditions, including a prior consensual termination or update of the SPA to reflect any such agreement. In addition, the Company is conducting negotiations with those third parties for a future collaboration. The Company cannot estimate the results of any of the abovementioned negotiations and whether such negotiations shall mature into an agreement; and (2) the Company has filed a petition against the Ministry of Communication's decision not to approve the SPA, and Golan Telecom has also filed a similar petition.
For additional details see the Company's 2015 Annual Report under "Item 3 Key Information - D. Risk Factors- Risks Related to our Business -We face intense competition in all aspects of our business" and "- Risks Related to the Proposed Acquisition of Golan Telecom Ltd." and under "Item 4. Information on the Company -"B. Business Overview - General - Agreement for the Purchase of Golan", and under "-Competition - Cellular" and " - Government Regulation -Additional MNOs", and the Company's current reports on Form 6-K date March 28, 2016, April 12, 2016, May 16, 2016, June 13, 2016, July 12, 2016, July 21, 2016, August 10 under "Other developments during the first quarter of 2016 and subsequent to the end of the reporting period - Golan Telecom" and September 6.
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