Akirov delists Alrov from the stock exchange, in another attempt to acquire control of Clal Insurance

Alfred Akirov plans to delist Alrov Real Estate from the stock exchange through a tender offer for public shares at NIS 32.21 per share, a premium of 21.6%. The private company Alrov Holdings will be required to pay NIS 788 million to public shareholders. Mor, the only institutional stakeholder holding most of the public shares, announced it will accept the offer. The goal: acquiring control of Clal Insurance through a private company.

Alfred Akirov plans to delist Alrov Real Estate from the stock exchange. Alrov Real Estate announced this morning its intention to submit a tender offer for all public shares in the company, at a price of NIS 32.21 per share - a premium of 21.6% over the stock exchange price. The private company Alrov Holdings, through which Akirov holds the company's shares, will be required to pay NIS 788 million to public shareholders to complete the purchase. The company further noted that Mor Investment House, the only institutional stakeholder in the company holding most of the public shares, announced its intention to accept the offer. Akirov holds 89% of the company's shares, which trades at a value of NIS 5.5 billion. The value Akirov offers for the shares constitutes 90% of the equity. Mor holds a 6% stake and alone is sufficient to ensure the tender offer is accepted. Akirov's main goal is acquiring control of Clal Insurance, which may be more feasible through a private company rather than a public one. An acquisition through a public company poses a problem under the Concentration Law, creating a three-tier pyramid.

Akirov delists Alrov from the stock exchange, in another attempt to acquire control of Clal Insurance