Businessperson Naty Saidoff today completed the acquisition of control in Shikun & Binui Holdings Ltd. (TASE: SKBN) from Shari Arison.
The deal was completed at the price agreed by the parties - NIS 1.1 billion for Arison's 46.9% share of Shikun & Binui's capital. The price reflected a 14% discount on the market price when the deal was signed in mid-June. Saidoff signed the deal without conducting due diligence for the company.
Shikun & Binui's share has risen 3% since the agreement, boosting the company's market cap to NIS 2.8 billion and giving Arison's holding a NIS 1.3 billion value.
Following the announcement of the planned sale of control in Shikun & Binui, CEO Yuval Dagim announced in early July that he was resigning (he left his position on July 26). Dagim was shortly afterwards appointed CEO of Caesarstone Bat Yam Ltd. (Nasdaq: CSTE).
Saidoff has been trying for over two years to establish his business activity in Israel. Among other things, he unsuccessfully tried to take over the Jerusalem Economic Corporation, Africa-Israel Investments Ltd. (TASE:AFIL), and Eurocom, all of which were in financial difficulties. Following these failures, Saidoff has now managed to get control of Shikun & Binui, which has extensive activity in infrastructure and construction both in Israel and overseas.
Saidoff said, "I am glad to join the leading construction and infrastructure group in Israel and am confident that together with management and the employees, we will continue developing activity In Israel and abroad. I regard maintaining stable management in the company and professional and financial continuity in all the countries in which Shikun & Binui operates as being of supreme importance. Shikun & Binui is a strategic holding in the Saidoff group and we will act with full force to continue its prosperity in the future. The deal for transfer of control took place in the best way possible, thanks to joint work with Shari Arison and Efrat Peled and the entire professional staff of Arison Investments."
Shari Arison said, "I want to especially thank Efrat Peled, the chairperson and CEO of Arison Investments and an outgoing director in Shikun & Binui; Shikun & Binui chairperson Moshe Lahmani; outgoing director and Arison Investments manager Ido Stern; outgoing directors Nir Zichlinskey and Tal Atsmon; and all the directors, managers, employees in Israel and abroad, the pensioners and all those who took part along the way."
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2018
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