Akivrov's offer accepted: Alrov Real Estate on its way to delisting at a value of 6.6 billion shekels
Alfred Akivrov's tender offer to purchase the public's shares in Alrov Real Estate has been accepted, and the company is expected to be delisted from the Tel Aviv Stock Exchange at a value of approximately 6.6 billion shekels. Akivrov will pay 322.4 shekels per share, a premium of about 20%.
Alfred Akivrov's tender offer to purchase the public's shares in Alrov Real Estate and Hotels has been accepted, and the company is expected to be delisted from the Tel Aviv Stock Exchange. Akivrov will pay 322.4 shekels per share, a premium of about 20% over the closing price on the eve of the first announcement, for a total consideration of approximately 788 million shekels. The value at which the transaction was carried out is about 6.6 billion shekels, about 10% lower than the company's equity. Upon completion of the move, Akivrov and other parties will hold 100% of Alrov's shares, and it will become a private company. The move may allow Akivrov to separate his holdings in Clal Insurance (14.2% of the shares) from Alrov's debts, and improve his chances of obtaining a control permit in the insurance company.