Keystone Bids Higher for Shikun & Binui Energy in Rivalry With Generation

Infrastructure fund Keystone said on Monday that it has submitted a proposal to Shikun & Binui Energy’s board to buy the company at a valuation of about 4.35 billion shekels. The move sets up a direct challenge to Generation, which signed a memorandum of understanding last month to acquire the energy business at a 4.2 billion shekel valuation.

Keystone says its offer would pay Shikun & Binui Energy shareholders the full transaction amount, with no contingent consideration and no dependence on future milestones. The fund also says its bid is not conditional on raising equity, debt financing, or bringing in partners.

According to Keystone, it already has the financial capacity and funding sources needed to complete the deal in full. The company is presenting itself as a cleaner and more certain alternative to the competing proposal.

The battle over Shikun & Binui Energy is therefore intensifying, with Keystone attempting to edge out Generation by offering a higher valuation and firmer financing terms.