Akirov's offer accepted: Elrov Real Estate heading for delisting at a value of NIS 6.6 billion

In depth

Alfred Akirov has completed the purchase of public shares in Elrov Real Estate, and the company will become private after being delisted from the stock exchange. According to Bizportal, minority shareholders accepted the tender offer at a price of NIS 322.41 per share, and the condition for a forced sale of the remaining shares was met. The company will continue to report to the stock exchange due to its bonds.

According to Israel Hayom, Mor Investment House, which holds about 6% of the shares on behalf of its pension and provident fund clients, agreed to sell and allowed Akirov to cross the 95% threshold. In the same deal, the price is 13% below the company's equity. A source involved in the transaction said: "Mor could have been more active and played this poker game in the clients' favor, but chose not to."

According to Globes, the move may allow Akirov to separate his holdings in the Elrov debt insurance cover and improve his chances of receiving a control permit in it.