the insurance company rule Has decided to reject the offers sent to it by the company’s largest shareholder, Alrov, and it plans to continue the IPO process, most likely today. Although yesterday Alrov, controlled by businessman Alfred Akirov, sent her two letters requesting a postponement of the issuance of Clal shares, the insurance company stated that they conducted a structured and orderly procedure in connection with the issue procedure, and that the procedure is in the company’s favor.
Alrov She contacted Clal following yesterday’s publication in Globes, according to which it is possible that behind the issue lies the possibility of diluting Alrov’s shares as part of an attempt to prevent the acquisition of control in general by it, a procedure that is being examined by the Capital Market Commissioner. In general, they made it clear to Alrov today that this was not the case. “The purpose of the procedure is not to dilute the shareholders and we do not intend to suspend it,” they replied to Alrov’s letters.
The letters even suggested to Alrov that she (Alrov) would purchase all of the shares offered in the offering, and the position of each share in excess of the 15% that the Capital Markets Commissioner currently allowed her to hold, in the hands of a trustee. Alrov already holds 15% of Clal’s shares, and according to the directives of the Capital Market Authority, it cannot hold a higher rate than this without obtaining a control permit.
In Clal’s announcement to the stock exchange regarding the rejection of Alrov’s applications, Clal stated that Alrov’s offer to purchase the shares without an IPO was also examined and rejected, at this stage. “(This), among other things, in view of the uncertainty inherent in it, which is not clear if, when and under what conditions it will be clarified, including in light of the regulatory and legal issues that accompany it and the damage that can be caused to the company due to the delay at this stage.”
In its report, Clal also referred before it to another shareholder in the company, who sought to avoid issuing the shares on the grounds that the purpose of the issue is to make it difficult for Alrov to gain control of the company. The shareholder even requested that the issue of the shares be considered by an independent committee headed by a retired judge. In general, we noted that the company has not yet responded to the additional shareholder’s request, but it intends to reject it as well.