Cellcom Israel announces preparations for NIS 400M offering
Cellcom Israel Ltd. (CEL) announced that its board has instructed the company to prepare for a potential offering of ordinary shares in an aggregate amount of approximately NIS 280M and 2 series of options to purchase ordinary shares in an aggregate amount of approximately NIS 120M, to the public in Israel and to certain institutional investors outside Israel. The company's controlling shareholder has informed the company that if such offering will be effected by the company, the company's controlling shareholder intends to purchase such securities at least in an amount that shall allow it to keep its current holdings in the company. The execution, timing, terms and amount of such contemplated offering have not yet been determined and are subject to further approval of the company's board, publication of a supplemental offering report and the prior approval of the Tel Aviv Stock Exchange of the supplemental offering report. There is no assurance that such offering will be executed, nor as to its timing, terms or amount.