Paz seeks to nix Shufersal takeover by Amir brothers

Paz Oil Company (TASE: PZOL) informed the Tel Aviv Stock Exchange this morning that it opposes a bid by Yossi and Shlomi Amir to buy control of supermarket chain Shufersal (TASE: SAE). Paz says the Amir brothers entered into a three-year non-compete agreement with them when they bought the Freshmarket chain from them last year.

“The Company has informed the Amir brothers in writing that their offer represents a breach of their commitment not to compete for a period of 36 months from the date of completion of the merger (up to January 1, 2025), and their There is also a breach of duty under law as officers of Freshmarket. In light of the above, the company has informed the Amir brothers that they should withdraw their offer to buy shares in Shufersal,” Paz’s notice to the stock exchange.

The Amir brothers are offering NIS 2.46 billion (NIS 28 per share) for the allotment of 88 million shares in Shufersal, which is 24.9% of its issued and paid-up share capital. Shufersal’s share price closed at NIS 27.20 yesterday, meaning the offer represents a premium of only 3%.

In August last year, the Amir brothers, who controlled the Freshmarket supermarket 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 were delisted from the Tel Aviv Stock Exchange.

Published by Globes, Israel Business News – – on March 15, 2022.

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

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