Last night, the Ashtrom Group was able to obtain the proportion of shareholders required to merge Ashtrom Properties into it. The takeover bid submitted by the Ashtrom Group last month, which was improved earlier in October, will allow it to merge Ashtrom Properties into it and delete it from trading on the stock exchange. Shareholders holding 35.6 million shares of Ashtrom Properties (41.06% of its equity) responded to the takeover bid. From 4.6% of the share capital (3.98 million shares) no notices were received, so they will be forcibly acquired.
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The merger will be completed on November 3, ie next Tuesday. The takeover bid will give each holder of the Ashtrom Properties share, 0.45 shares of the Ashtrom Group. The group stated that upon completion of the exchange offer, the Ashtrom Group will hold all of the Company’s issued and paid-up capital and voting rights, Ashtrom Properties will become a private company that is a bond company, as it has 6 series of bonds left to continue trading as a sorter. Between 0.9% and 2.6%.
Yaron Rockman, CEO of Ashtrom Properties Photo: Israel Hadari
The Ashtrom Group submitted a takeover bid for the public shares in Ashtrom Properties a month ago. Earlier this week it submitted an improved offer to the public of shareholders who hold shares in Ashtrom Properties. The new ratio was 0.45 shares of the Ashtrom Group for each share of Ashtrom Properties in its possession, compared to an original ratio of 0.3441 shares. This is an offer to purchase 39.6 million shares of the public in Ashtrom Properties and pay for them 17.82 million shares in the Ashtrom Group. Once the offer has been accepted, these shares will constitute 17.72% of the share capital of the Ashtrom Group.
The value of the shares to be transferred to investors in Ashtrom Properties, according to the closing price of trading in the Ashtrom Group’s share yesterday, stands at NIS 746.5 million as of this morning. A significant improvement in relation to the number of shares in the original offer, which stood at 13.6 million shares, and its value in terms of the current share price of Ashtrom Group was NIS 570.9 million. In other words, the gap between the improved proposal and its previous one is estimated at NIS 175.7 million.
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