The Pardis family, controlling shareholder in Amisragas, will decide within sixty days whether to exercise its first right of refusal as regards Yitzhak Tshuva’s intention of selling Delek's shares in Amisragas to US investor Gary Barnett. "Globes" heard this today from Amisragas deputy general manager George Dabi.
According to Dabi, the family has not yet decided whether to exercise its right of refusal, has not, in fact, even begun to consider the issue. This is because it only heard of the memorandum signed between Tshuva and Barnett from the media.
According to "Ha’aretz" daily newspaper, Tshuva will sell Barnett 39% of the shares of Amisragas for $64 million.
Associates of the family said they were very surprised to read of the deal in the press, and nobody had bothered to keep them informed, on behalf of either Tshuva or the Delek group controlled by him. The Pardis family continues to deny that it negotiated in the past for the purchase of Tshuva’s shares in Amisragas.
The Pardis family holds 61% of the shares, and the Delek group 39%. Delek announced, yesterday, that it had signed a memorandum with Barnett for the sale of its holdings at a consideration of $64 million, representing a company value of $164 million. Under the terms of the agreement, $57 million will be paid within thirty days of the signing of the final contract. Of the balance, part will be paid within two years and part within three years.
Sources close to the Pardis family said the family might exercise its right of refusal, mainly because it is not acquainted with the new partner, and also because it was not involved in the negotiations with him.
The sources added, however, that the family will carefully consider the economic aspect of the matter, since, in order to acquire Tshuva’s shares, it must at least match Barnett’s offer, namely $64 million. This is higher than all recent estimates concerning the deal.
Published by Israel's Business Arena February 15, 1999