Michael Strauss holds 7% of the group’s shares. The acquisitions diluted the holdings of Yitzhak Shrem, Yair Pudim and Avigdor Kelner.
Michael Strauss and his family recently invested NIS 13 million in the Shrem-Pudim-Kelner group. In a series of transactions, the family purchased shares of stock exchange company Dovrat Shrem & Co., reaching a holding of 7% of the company’s shares.
The latest deal took place today: the Strauss family purchased 550,000 shares, representing 4.8% of the shares of Dovrat Shrem, at a price of NIS 17 per share and for a total consideration of NIS 9.3 million. The shares were purchased from controlling shareholders Yitzhak Shrem, Yair Pudim and Avigdor Kelner. The transaction price was 27% higher than the market price of the company’s shares, which, this morning, stood at NIS 13.4 per share.
Altogether, the Strauss family’s investment in the group amounts to NIS 13 million. A source close to the Shrem-Pudim-Kelner group reported that the purpose of bringing in the Strauss family as a party at interest in Dovrat Shrem & Co. was to create a basis for business co-operation with the family, one of the Israeli economy’s leading private concerns.
Published by Israel's Business Arena February 14, 1999