The offer for Generali's 69.1% stake in Migdal, was reportedly made at the company's market cap.
Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) today notified the TASE that its controlling shareholder, Italy's Assicurazioni Generali SpA (BIT: GASI), has received an offer to buy the holding, and that Generali has not yet responded to it. The offer was reportedly made at Migdal's current market cap.
Generali owns 69.1% of Migdal, worth NIS 3.2 billion, and Bank Leumi (TASE: LUMI) owns 8.9%.
Migdal's share price rose 2.1% in morning trading to NIS 5.50, giving a market cap of NIS 5.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2012
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