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Full coverage· Economy· Updated

Alrov Real Estate to Be Delisted Following Controlling Shareholder's Acquisition Offer

Alfred Akirov's acquisition offer for Alrov Real Estate and Hotels has been accepted, leading to the company's delisting from the Tel Aviv Stock Exchange. Public shareholders will receive a premium, with the deal valuing the company at NIS 6.6 billion.

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What happened

  1. 01Alfred Akirov's offer to delist Alrov Real Estate and Hotels has been accepted.
  2. 02Public shareholders will receive NIS 322.4 per share, a 20% premium, totaling NIS 788 million.
  3. 03The acquisition values Alrov Real Estate at NIS 6.6 billion, 10% below its equity.
  4. 04Akirov aims to transfer Alrov's 14.2% stake in Clal Insurance to a private entity.
  5. 05The move could facilitate Akirov's long-standing goal of controlling Clal Insurance.

The move is expected to allow Akirov to pursue control of Clal Insurance, in which Alrov holds a significant stake.

Translated and summarized by baba from Globes, the latest report. Read Globes’s original

The coverage

2 newsrooms on this story

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