Lev Leviev has raised his offer to purchase the public's holdings (about 35%) in AFI Development plc (LSE:AFID), which he controls. Leviev announced on Thursday that he was raising the offer price to $0.394 per share, 31% more than the price in the original offer last month of $0.30. The new offer price values AFI Development at $413 million.
AFI Development is a real estate company active in Russia. A little over three years ago, Leviev bought a 65% controlling stake in the company from Africa-Israel as part of the first stage of Africa Israel's debt settlement. Leviev now seeks to buy the remaining shares, held by the public.
The offer documents state that some shareholders have already agreed to sell at the original offer price, and that Leviev has also received irrevocable undertakings from hedge funds Klirmark Opportunity Fund 3, L.P. and Klirmark Opportunity Fund 2, L.P., and from Meitav Dash Provident & Pension Funds and Phoenix Insurance Company, at the revised price. These commitments will bring Leviev's stake in AFI Development to 83.71%.
Published by Globes, Israel business news - en.globes.co.il - on December 22, 2019
© Copyright of Globes Publisher Itonut (1983) Ltd. 2019