Meitav Proposes Second Tender Offer to Delist Peninsula from Tel Aviv Stock Exchange

Meitav Investment House is advancing efforts to delist its subsidiary, Peninsula, from the Tel Aviv Stock Exchange. Peninsula is a non-bank finance company, 88.1% owned by Meitav, which aims to convert it into a private credit arm. To forcibly delist Peninsula, Meitav needs to acquire 95% ownership, though historically 90% has sufficed for delisting.

This evening, Meitav published its second tender offer to minority shareholders, proposing an exchange ratio of one Meitav share for 38.5 Peninsula shares. This offer values Peninsula shares at approximately 3.5 shekels each, representing a 6% premium over last week's closing price. The move follows a similar strategy by Phoenix Group, which previously delisted its credit subsidiary Gamma to consolidate credit operations privately.

Peninsula's stock has risen 4% over the past year, with a current market capitalization of 730 million shekels. In contrast, Meitav's shares surged 85% in the same period, reaching a market value of 11.8 billion shekels. Additionally, last weekend Peninsula announced that Assaf Ezra, currently CEO of Meitav Financing, will replace outgoing CEO Jacky Cohen.

The tender offer is part of Meitav's broader plan to integrate Peninsula fully and remove it from public trading, streamlining its credit services under Meitav's umbrella.