The businessman Haim Katzman, the controlling owner of Norstar, which controls the real estate giant Gazit Globe, acted tonight to stem the threat of a takeover of the company. To the status quo at Norstar.
As far as is known, Katzman was very surprised by the initial acquisition of the shares by Rosen and Tochmeier, he understood that the two intend to maintain contacts with other shareholders, with an emphasis on Itzik Sela, and preferred to block them and fortify his control. During a fast, Katzman summoned them to a meeting and the parties sat until five in the morning and agreed on the deal.
Katzman Agreed to sell 3.8 million shares of Norstar (approximately 11% of the company) to Israel Canada Asi Tochmeier And Barak Rosen for NIS 192 million and at a price of NIS 50.5 per share. The deal reflects a 12% premium to the closing price yesterday. The sale was made with the aim of reaching agreements with Rosen and Tochmeier and thus avoiding a possible war of control with them.
Yesterday a company reported Israel Canada, Controlled by Tochmeier and Rosen, because it purchased 3.28 million shares of Norstar (10% of the voting rights) in stock exchange transactions for NIS 118 million. Following the acquisitions, Rosen and Tochneier threatened Katzman’s control of the company.
Following the acquisitions, Norstar concentrated a huge turnover of NIS 60 million yesterday, and recorded a 37% jump to a price of NIS 45 per share, which reflects a value of NIS 1.5 billion for the company. Katzman controlled up to Norstar by holding about 41% of its shares, of which 10% have now been sold.
Norstar holds 55.3% of the shares of the income-producing real estate company Gazit Globe, Which operates in the Scandinavian countries, Eastern Europe, North America, Israel and Brazil. Katzman serves as CEO and Vice Chairman of both companies.
Israel Canada Is under the control of Barak Rosen and Asi Tochmeier. Israel Canada also recently acquired a 13% stake in the real estate company Alrov, which is controlled by Alfred Akirov, for NIS 382 million.
Haim Katzman responded: “We are pleased with Canada Israel’s expression of confidence in Norstar and Gazit Globe. We consider this a positive move because these are reputable shareholders with extensive experience in the real estate field. The group will continue to work to bring value to its shareholders. “
Upon completion of the sale, Katzman will remain with a 29.13% holding in Norstar. As part of the sale agreement, Canada Israel undertook not to exceed a 22.6% holding in Norstar. Canada Israel has also signed an agreement not to cooperate with other Norstar shareholders and that Katzman will continue to manage the group.
In response to the surprise acquisition yesterday, Katzman said, “I welcome the confidence of Canada Israel, a real estate rights company that joins Yitzhak Sela’s trust, also a reputable investor with extensive experience in real estate. I believe Norstar still has a way to go. It’s a long way up and we will continue to work to bring value to the benefit of all stakeholders in the company. “
Yitzhak Sela also recently became a stakeholder in Norstar, having reached a 5.2% stake in the company.