Africa-Israel offer for Danya Cebus fails

The company received offers for just 12,233 of the 7,673,827 Danya Cebus shares it sought to buy.

Africa-Israel Investments Ltd. (TASE:AFIL) today notified the Tel Aviv Stock Exchange (TASE) that its offer to purchase for its contracting arm Danya Cebus Ltd. (TASE: DNYA) has failed. On January 18, Africa-Israel offered NIS 14.50 per share for 27% the company, a 24.5% premium at the time, for a total of NIS 111.2 million.

Africa-Israel sought to buy 7,673,827 Danya Cebus shares, but received offers for just 12,233 shares - 0.04% of the company.

Africa-Israel's share price rose 1.7% in morning trading to NIS 13.73, giving a market cap of NIS 1.6 billion, and Danya Cebus's share price fell 0.3% to NIS 15.18, giving a market cap of NIS 432 million.

Published by Globes [online], Israel business news - - on February 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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