Sources inform ''Globes'' that job placement company Adam Milo Ltd. has offered to buy Pilat Technologies International Ltd. (TASE: PILT) subsidiary Pilat Israel Ltd. for just NIS 4 million. The offer comes two months after Pilat Technologies rejected a similar offer of NIS 6-8 million.
The offer comes while Pilat Technologies is going through a power struggle. Sky Israel Private Equity Fund, run by managing partners Zvi Yochman and Nir Dagan, is a private equity fund that owns 15% of the company as well as 52% of Adam Milo, and it wants to consolidate the two job placement firms.
GO.D.M Investments Ltd., owned by Dov Goldstein, which became a party at interest in Pilat Technologies last August with a 5.31% stake, is also interested in Pilat Israel.
Pilat Technologies delisted its share from London’s Alternative Investment Market (AIM) in December and is now only traded on the Tel Aviv Stock Exchange (TASE). Earlier this month, the company notified the TASE that it had received an offer for its North American and European subsidiaries for $6 million, but that the buyer lowered its offer to $4 million after conducting due diligence. Last June, Pilat received an offer of $7.2-8.7 million for these subsidiaries.
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2009
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