2024-02-09 09:46:57
Disappointment was registered among the large institutional bodies that own the shares of the supermarket chain Shufersal , upon accepting the offer of the American group led by Michael Alpert. “They offered NIS 23 per share, and the Amir brothers offered NIS 22.5. It’s not really a dramatic difference, so the Israelis have a certain priority at the moment, because they know retail here,” says a senior institutional official familiar with the process.
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The Amir brothers, who founded and sold the Freshmarket chain to Paz, are represented by veteran underwriter Tzachi Sultan. while the American group is represented by the investment banking firm Jefferies. The coming week is becoming a fateful one, and the question arises whether a kind of tender procedure will be opened in which the parties will try to improve their proposals.
The American group may improve its offer
“From what I understand, next week the Americans may reach another round against the Mossadians,” says the source. “Therefore they may improve their offer, but there is a dynamic. It is possible that the Amir brothers have not yet said the last word.” Where can things develop? The same institutional source points out that he is not necessarily interested in the question of the current value of Shufersal shares being sold in the transaction, but rather that there may be a demand to receive an option in the future that will reward the institutions for a future jump in the stock, to the extent that the Amir brothers succeed in improving the chain’s performance.
It is difficult to exaggerate the power of the event in the local business world, entry to the top of Shufersal by the Amir brothers as the major shareholders, may change world order in the local retail industry. Shufercell has been running for years without a core of control, with the gallery of large institutional bodies: the insurance companies Migdal, Fenix, Menorah Mivathim, Harel and Kelal Insurance each owning between 9% and 13%. And in addition to them, the Altshuler Shaham investment house owns a share of a similar size. Together the institutions have a combined holding of about 64%, without of course the control of any of the parties.
In the current situation Shufersal Chairman Itzik Abarkhan, who served until February 2022 as the all-powerful CEO of the chain, and the current CEO Uri Waterman, are the strong arm that manages it. A change in the power relations between the shareholders will reshuffle the cards and may lead to renewed shocks in the management of the chain However, in the agreement of the brothers Amir and Paz, to shorten the non-compete, they extended until the end of 2025 the condition that would prevent them from soliciting employees, suppliers, etc. of Freshmarket as part of that agreement. The potential meaning is that they, as the new landlords, may actually distance themselves Unusual scientism regarding Shufersal management.
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