NIS 132 million for 5%: The second stage of the Dan acquisition completed

The second stage of the acquisition of control in Dan public transportation company has been completed: A group including Clal, Leumi Partners, and Mizrahi Tefahot purchased 5% of the company's shares for NIS 132 million, reaching a 57% stake. Most Dan members chose not to sell their shares.

The second stage of the acquisition of control in the public transportation company Dan has been completed. A group including Clal, Leumi Partners, and Mizrahi Tefahot Bank purchased 5% of the company's shares for NIS 132 million, thereby increasing its holding to 57% of Dan's shares. The deal is being led by Dan's CEO, Ofir Karni. Dan members, who are pensioners and former drivers, held 48% of the company before the acquisition. The group received approval from the Competition Authority to reach control of up to 75% of Dan. The price offered to members was NIS 600,000 per half share and NIS 1.2 million per full share, based on a total company valuation of NIS 2.8 billion. Most members chose not to sell their shares, hoping to benefit from future dividends or from selling the shares on the stock exchange after a planned IPO. Dan operates public transportation lines in Gush Dan, the Gaza Envelope, Lachish, Be'er Sheva, and recently also in the Jerusalem Corridor and Samaria.