2023-12-18 07:47:00
Delek Car Company Rejects Purchase Offer from Controlling Owner
Delek Car Company has announced that it has rejected a special purchase offer from Gil Agmon, the controlling owner of the company, who holds 43.59% of the shares. The offer, which was not accepted, failed to meet the condition of a minimum response.
Agmon, along with his brother attorney Zvi Agmon, had offered to purchase 5 million shares, amounting to 5.16% of the company, for NIS 23 per share. This would have totaled NIS 115 million, at a premium of 11% over the share price on the day of the offer. However, the price was one percent lower than the average price of the stock in the last six months leading up to the offer.
The offer was ultimately conditioned on the agreement of 5% of the shareholders, but most of the investors were not satisfied with the offer and refused to accept it. Only 3.8% of the shareholders agreed to the rejected move. The share price of Delek Automotive currently stands at NIS 23.5.
Agmon’s offer, if accepted, would have increased his holding to more than 45% of the company, triggering a requirement to publish the purchase offer. However, the majority of shareholders were not in favor of the offer, leading to its rejection by the company.
Delek Car Company stated that the offer did not meet the condition of a minimum response, resulting in its rejection. Agmon, who is a co-owner of Agmon Holdings, will have to reconsider his approach if he intends to increase his stake in the company.
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