Paz seeks to nix Shufersal takeover by Amir brothers
Paz Oil Enterprise (TASE: PZOL) notified the Tel Aviv Inventory Trade this morning that it opposes the bid by Yossi and Shlomi Amir to obtain manage of supermarket chain Shufersal (TASE: SAE). Paz says that the Amir brothers signed a 3-year non-compete settlement with it when it purchased the Freshmarket chain from them previous yr.

“The organization has knowledgeable the Amir brothers in writing that their offer you signifies a breach of their motivation not to compete for a period of time of 36 months from the date of completion of the merger (until finally January 1, 2025), and also a breach of their duties less than legislation as officers of Freshmarket. In the light of the above, the corporation has educated the Amir brothers that they should withdraw their offer to invest in shares in Shufersal,” Paz’s observe to the stock exchange states.




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The Amir brothers are supplying NIS 2.46 billion (NIS 28 for every share) for an allocation of 88 million shares in Shufersal, representing 24.9% of its issued and compensated share cash. Shufersal’s share selling price closed at NIS 27.20 yesterday, which means that the present represents a premium of just 3%.

In August final 12 months, the Amir brothers, who controlled the Freshmarket grocery store chain, led its sale to Paz at a valuation of NIS 2 billion. The deal was completed in January this year, and Freshmarket’s shares had been delisted from the Tel Aviv Inventory Exchange.

Released by Globes, Israel company information – en.globes.co.il – on March 15, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


