Kosher Food (WILC)

[midastouch017]

G. Willi-Food Int’l confirms planning US private placement
The company plans to raise $20 million in the placement, which will be led by investment bank C.E Unterberg Towbin.

Tali Tsipori 21 Jun 06 18:22

G. Willi-Food Investments Ltd. (TASE:WLFD) has confirmed that its subsidiary, G. Willi-Food International Ltd. (Nasdaq:WILC) is planning a private placement in the US. G. Willi-Food International responded by climbing 6% within four minutes from $7.90 to $8.40 at around 9:30 pm Israel time, although during the last 90 minutes of trading the excitement among investors following the announcement faded and by the close of trading ,G. Willi-Food International had gained 2.8%, leaving it with a market cap of $69 million.
Last night G. Willi-Food International confirmed that it was considering a private placing in the US, and had engaged a US investment bank as broker for the placement The company refused to disclose the name of the bank, although recent reports indicate that the bank in question is probably C.E Unterberg Towbin.

G. Willi-Food International also declined to disclose the sum it aims to raise in the placement, although it is believed to be $20 million. The company said the proceeds from the placing would be used to finance the expansion of its activities, by acquiring, among other things, a leading local distributor in the US.

G. Willi-Food International, which is owned by the brothers Yossi and Zwi Williger imports, markets, and distributes more than 400 kosher food products. It is the operational arm of its parent company, G. Willi-Food Investments.

Published by Globes [online], Israel business news - www.globes.co.il - on June 21, 2006

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