Shlomo Eliahu will buy 69.1% of Migdal's shares for NIS 3.55 billion, at a company value of NIS 5.1 billion - a 10% discount on the current market value.
The transfer of control of Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) into the hands of Shlomo Eliahu will be successfully completed tomorrow. Sources inform "Globes" that the Supervisor of the Capital Market, Insurance and Savings Prof. Oded Sarig this afternoon approved transfer of control to Eliahu from Italy's Assicurazioni Generali SpA (BIT: GASI).
Consequently, tomorrow Eliahu will buy 69.1% of Migdal's shares for NIS 3.55 billion, at a company value of NIS 5.1 billion. This is a 10% discount on the market value meaning that Eliahu would have already profited from the acquisition.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2012
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