Alfred Akirov Plans to Delist El-Rov Real Estate from Stock Exchange
Alfred Akirov intends to take El-Rov Real Estate private by delisting it from the stock exchange. The company announced its plan to submit a tender offer for all publicly held shares at NIS 32.21 per share, representing a 21.6% premium over the current market price. Akirov's private holding company, El-Rov Holdings, will need to pay NIS 788 million to public shareholders to complete the acquisition.
El-Rov Real Estate noted that investment house More, the sole institutional investor holding a significant portion of public shares, has indicated its intention to accept the offer. More holds a 6% stake in the company, which is sufficient to ensure the tender offer's success.
Akirov currently controls 89% of El-Rov Real Estate, which has a market capitalization of NIS 5.5 billion. The proposed offer values the shares at 90% of the company's equity.
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