Aaron Frenkel (Wikipedia photo)
The struggle for control of the sea is over. Businessman Aharon Frenkel is selling his share package in Gev Yam to Properties and Building for NIS 3.1 billion. This is one of the largest deals in the local capital market probably in terms of a stock deal.
Frenkel now owns about 37% of Gev Yam shares after purchasing packages of shares from a number of institutional investors over the past few years. Properties and a building controlled by DSKH of Tzachi Nachmias, the Zalkind and Rami Levy families currently hold about 45% of the company’s shares and after the acquisition it will increase to a holding of more than 82% of the company.
More in-
The acquisition brings to an end the most interesting struggle for control of the capital market following the collapse of the IDB Group. Gev Yam is one of the highest quality stock real estate companies in Israel and it is not for nothing that it became a target for the takeover of Frenkel / Nachmias after control of the group passed from Eduardo Elstein to the creditors.
The transaction reflects a price 5% higher than the share price on the stock exchange, which currently stands at NIS 38, while with the dividends that the company must distribute, the transaction reflects a price of NIS 40.5 per share.
Recently, Properties and Building has acquired cash in a series of transactions whose nature was not yet clear, but over the weekend the nature of the realizations that were financing the purchase of Frenkel’s share package in the company became clear.
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