Alon Blue Square Board Approves Sale of Certain Dor Alon Shares to Alon Israel Oil for NIS 50M

Alon Blue Square Israel Ltd. BSI announced today its board of directors has approved the sale by the Company to its controlling shareholder, Alon Israel Oil Company Ltd. ("Alon Oil"), of ordinary shares held by the Company in Dor Alon Energy In Israel (1988) Ltd. ("Dor Alon") for NIS 50 million ("Alon Oil Transaction"; shares to be acquired called the "Purchased Shares"). The price per share in the transaction ("Transaction Price") would be equal to the average closing price per ordinary share of Dor Alon during the seven (7) trading days immediately preceding the closing of the Alon Oil Transaction (currently expected to be November 10, 2015), and the number of the Purchased Shares would be the determined by dividing NIS 50 million by the price per share.   The Alon Oil Transaction would contain the following terms: Additional Consideration in Event of Sale by Alon Oil.  In the event Alon Oil sells any  Purchased Shares during the two years after closing of the Alon Oil Transaction at a price per share (excluding transaction costs, if any) exceeding the Transaction Price, Alon Oil would be required to pay such excess amount to the Company See full press release