Investec Israel bought 18.17% of the public’s 19.72% aggregate holding in the bank.
Investec Israel last Friday successfully completed its offer to purchase the public’s shares in the bank. Investec Israel bought 18.17% of the public’s 19.72% aggregate holding. The bank can now compel its shareholders who did not accept to offer to sell their shares, giving it 100% ownership.
The offer to purchase is part of First International Bank of Israel’s (TASE: FTIN1;FTIN5) acquisition of Investec Israel from Investec plc (LSE: INVP; JSE: INL, INP). Under the agreement, First International bought Investec plc’s 80.26% stake in Investec Israel. It was also agreed that if the offer to purchase was successful, First International would acquire full ownership of Investec Israel.
First International is expected to pay Investec plc NIS 373 million for its share in Investec Israel, plus the $20 million cost of the offer to purchase. Payment for Investec Israel will total NIS 456 million, amounting to 95% of Investec Israel’s shareholders equity.
Published by Globes [online], Israel business news - www.globes.co.il - on December 12, 2004