Shikun & Binui today sent a letter to Paz chairman Harel Locker offering to merge its subsidiary Shikun & Binui Energy into Paz.
Shikun & Binui Holdings Ltd. (TASE: SKBN) has joined the fray in the struggle to buy control of Paz Oil Company Ltd. (TASE:PZOL). Shikun & Binui today sent a letter to Paz chairman Harel Locker offering to merge its subsidiary Shikun & Binui Energy into Paz in exchange for 58% of the shares of Paz.
Paz is traded on the Tel Aviv Stock Exchange (TASE) with a market cap of NIS 4 billion so the offer reflects a valuation of NIS 5.5 billion for Shikun & Binui Energy. Shikun & Binui said that Paz's strategy would integrate well with the assets, capabilities and knowhow of Shikun & Binui Energy. Shikun & Binui added that acceptance of its offer would represent the rapid and almost immediate implementation of the board's plans.
Published by Globes, Israel business news - en.globes.co.il - on May 18, 2021
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Paz Photo: Eli Yahav