Alfred Akirov Plans to Delist Alrov Real Estate from Stock Exchange
Alrov Real Estate announced Tuesday its intention to launch a tender offer for the public's shares in the company, aiming to delist it from the stock exchange. Businessman Alfred Akirov, who currently holds 88.13% of the company, plans to offer 32.21 shekels per share, a premium of over 21% above the market price. The total cost for Akirov to acquire the remaining shares and complete the delisting is estimated at approximately 788 million shekels.
The investment house More, which holds a 6% stake in Alrov Real Estate and is the only institutional shareholder, has agreed to the offer. The company's market capitalization currently stands at 6.59 million shekels, and its stock has risen 7.9% since the beginning of the year.
Industry analysts suggest that Akirov's primary motivation for delisting Alrov Real Estate is to gain full control of Clal Insurance, a move that would facilitate his acquisition of the insurer.
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