The offer of NIS 6 per share is a 24% on Walla's opening price.
Shares of portal Walla Communications Ltd. (TASE: WALA) jumped 14.2% to NIS 5.52 immediately after Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) subsidiary Bezeq International Ltd. published an offer to purchases 2.27 million shares at NIS 6 per share, for a total of NIS 13.6 million. The offer was made at a premium of 24% on Walla's opening price of NIS 4.84.
Bezeq International currently owns 44.99% of Walla. Bezeq International added that an additional 21.77% of Walla shares are held by a trustee, who cannot participate in the offer to purchase. Bezeq International intends to apply to the regular to have these shares released to it after the offer to purchase is completed.
The deadline to respond to the offer to purchase is August 25.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2010
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