Israel Discount Inv raises offer for Property shares

TEL AVIV, Dec 1 (Reuters) - Israeli holding company Discount Investment Corp (DISI.TA) said on Monday it was raising its offer to acquire 650,000 shares in Property and Building Corp (PTBL.TA) to 154 shekels a share ($38.6) from 126.

If the offer is accepted by Property and Building shareholders, Discount will book a capital gain of 238 shekels per acquired share for the deduction of negative goodwill resulting from the transaction, Discount said in a statement to the Tel Aviv Stock Exchange.

The offer expires on Dec. 4.

Discount owns 75.5 percent of Property and Building. If it acquires all of the 650,000 shares, its stake in the real estate company will rise to 86.5 percent.

The new offer represents a 6.4 percent premium to Property's closing share price on Sunday of 144.7 shekels.

Discount also controls Cellcom (CEL.TA) (CEL.N), Israel's largest mobile phone operator, and Super-Sol (SAE.TA), the country's biggest supermarket chain. ($1 = 3.99 shekels) (Reporting by Tova Cohen; Editing by Mike Nesbit)