Supreme Court Dismisses Appeal Over NewMed-Avner Partnership Merger

Israel's Supreme Court dismissed an appeal by former Avner Oil Exploration participation-unit holders over the 2017 merger between Avner and what is now NewMed Energy. The appeal challenged an earlier ruling that rejected certification of a class action connected to the merger, while a related counter-appeal had also been scheduled for the August 3 hearing. NewMed said the appellants informed the court that they were withdrawing their appeal, and the court therefore dismissed it without an order for costs. The judgment was received August 3 and disclosed to the Tel Aviv Stock Exchange on August 4.