World Group will pay NIS 100 million in cash plus 68 million shares.
World Group Holdings Ltd. (TASE: WRGR) will acquire all of Tiv Taam Hacarmel Holdings Ltd. for NIS 446 million. World Group is paying NIS 100 million in cash and 68 million World Group shares, worth about NIS 5 each. The stock allocation was made at a 1:2 ratio of World Group’s shares allocated for the transaction and the company’s share capital before the deal was closed. World Group’s board approved the deal last night.
Giza Singer Even Ltd. valued Tiv Taam at NIS 446 million for the deal.
Last month, Enter Holdings Ltd. (TASE:ENHD), controlled by chairman Amit berger, acquired the controlling interest in World Group for NIS 111 million, in order to carry out a reverse IPO for Tiv Taam.
Published by Globes [online], Israel business news - www.globes.co.il - on March 13, 2007
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