Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, plans to delist its contracting arm, Danya Cebus Ltd. (TASE: DNYA). Africa-Israel has made an offer to purchase for NIS 111 million at NIS 14.50 per share, a 24.5% premium over yesterday's closing price of NIS 11.64. The offer's deadline is 2 pm on February 1.
Africa-Israel owns 73% of Danya Cebus and has offered to buy 7,673,827 of its shares, amounting to 27% of the company's share capital. Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) owns 4.71% of the company through its provident funds, 3.06% through participating funds, and a further 1.06% through mutual funds of its subsidiary Clal Finance Ltd., for a total stake of 8.86%.
In a separate development, Danya Cebus announced that it is in preliminary talks for the possible sale of its 25% stake in Netivei Hayovel Ltd., the franchisee of Road 431. The company sold 75% of the franchisee last year.
Danya Cebus's share price soared 33.1% following Africa-Israel's offer to NIS 15.50, giving a market cap of NIS 440 million.
The move follows the successful offer to purchase earlier this week for Negev Ceramics Ltd. (TASE:NGEV), held through Africa-Israel Industries Ltd. (TASE: AFID).
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2012
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