Eldav Investment Ltd. (TASE: ELDAV-L) shareholders, Danshar Holdings Ltd., which owns 6.97% of the company, and Eldav Holdings Ltd., which owns 17.73%, have made an offer to purchase 2.2 million shares, amounting to 5.7% of the company, for a total of NIS 2.5 million. They are offering NIS 1.15 per share, a 13.6% discount on Eldav's opening price of NIS 1.33 today. Eldav's share was unchanged today.
The offer to purchase states that Gilon Investments (1979) Ltd. (TASE:GILN), which owns 10.06% of Eldav Investments, intends to accept the offer, which means that the offer will probably be successful.
Next month, Gilon has to pay NIS 7.5 million principal payment on its Series A bonds.
Eldav Investments is based on stock market shell IFN Systems Ltd., which Danshar and Eldav Holdings acquired in mid-2007 for NIS 3 per share, for a total investment of NIS 96 million. Gilon later invested in the company at the same share price, so it is selling at a 60% loss on its investment.
The company owns stakes in Medtechnica Ltd. (TASE: MEDI), two of its subsidiaries - Flight Medical Ltd. and CDP Medical Ltd., as well as in two medical devices firms, Pocared Diagnostics Ltd. and CureLight Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2009
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