Access Industries offers to buy rest of Clal Industries
TEL AVIV, June 23
TEL AVIV, June 23 (Reuters) - U.S.-based Access Industries has offered to acquire the remaining 50.1 percent of Israeli investment company Clal Industries that it does not own at 15.8 shekels a share and take it private.
The price is a premium of 24 percent to the last closing price of 12.74 shekels. If the deal closes, it would be worth about 1.24 billion shekels ($342 million).
Access, a privately held industrial group, acquired 49.9 percent of Clal from IDB Holding Corp in July 2012.
Clal Industries' shares rose 18.5 percent at midday to 15.1 shekels.
Access Industries paid 1.27 billion shekels for its stake in Clal last year.
Clal Industries' main holdings are 75 percent of Mashav, 56.8 percent of Clal Biotechnology Industries, 59.1 percent of Hadera Paper and 62.1 percent of Golf & Co . Ireland's CRH holds the other 25 percent of Mashav, which owns Nesher Israel Cement Enterprises.
Billionaire industrialist Leonard Blavatnik is founder and chairman of Access, which also owns chemicals, real estate and media businesses including Warner Music Group.
- IBM launches Watson system for research, hopes for breakthroughs
- Separatists say will allow 'trapped' Ukrainian forces to withdraw |
- California passes 'yes-means-yes' campus sexual assault bill
- In town halls, U.S. lawmakers hear voter anger over illegal migrants |
- Comedian Joan Rivers 'resting comfortably' at hospital |