Phoenix, which has a 9% stake in Shufersal, prefers to attend till a brand new CEO is appointed and all strategic options are examined.
Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) is against Delek Israel’s plans to merge with Shufersal Ltd. (TASE:SAE). Phoenix, which has a 9% stake in Shufersal, and is among the grocery store chain’s greatest shareholders, has written to the corporate’s administration, asking them to droop inspecting Delek Israel’s bid because of anticipated new senior managerial appointments (CEO Itzik Abercohen lately resigned after a dispute with chairman Yaki Vadmani), and acceptable strategic options could be examined.
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On Tuesday, Delek Israel, managed by Lahav LR Actual Property Ltd. (TASE: LAHAV) and Uri Mantzur, proposed a merger cope with Shufersal Ltd. (TASE:SAE), which is Israel’s largest grocery store chain, and which is traded at a market cap of NIS 7.4 billion and has no controlling core.
Delek Israel has provided a share swap deal through which it might obtain a 19.99% stake in Shufersal, which might make it the retail chain’s largest shareholder however not its controlling shareholder. Lahav LR Actual Property Ltd. has a 40% stake in Delek Israel, Uri Mantzur (35%), and Delek Group Ltd. (TASE:DLEKG) (25%).
Delek Israel operates 243 fuel station round Israel and 203 Menta handy shops and Cup “O” Joe cafes. Final yr Lahav LR and Uri Mantzur purchased management of Delek Israel and had filed a prospectus for an IPO on the TASE at an estimated firm valuation of NIS 1.5 billion.
Printed by Globes, Israel enterprise information – en.globes.co.il – on April 7, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
Shufersal credit score: Eyal Izhar
