Insurance and finance company Menora Mivtachim (TASE: MMHD) notified the Tel Aviv Stock Exchange (TASE) yesterday that it has improved its offer for Israel’s largest credit card company Isracard (TASE: ISCD). Menora Mivtachim has raised its offer to NIS 15.98 per share, a 19% premium on the company’s share price, for a controlling core stake of 32%, at a company valuation of NIS 3.2 billion.
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Menora Mivtachim’s previous offer on February 5 was for NIS 15.34 per share, reflecting a company valuation of NIS 3.072 billion. In other words the latest offer is 4.2% higher.
Earlier this week Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) signed a binding merger agreement to buy 100% of Isracard’s shares at a company valuation of NIS 2.934 billion and delist the credit card company from the TASE. The deal must be approved by Isracard’s shareholders and it will require the support of 50.01% of them.
Menora Mivtachim CEO Ari Kalman said, “Menora Mivtachim Group has updated the price of the offer to purchase the controlling core in Isracard to a price that reflects a value of NIS 3.2 billion for the company and is about NIS 300 million higher than the rival offer. In addition, the Menorah Mittehim group has committed to extend the offer for a period of up to 60 more days ending on June 11, 2023 Menora Mivtachim’s offer is better and more correct, with a significantly higher value for the shareholders of Isracard and giving the possibility to be partners in its success in the future. The offer keeps Isracard as a public company and does not force a shareholder to sell his shares (all or part).”
Published by Globes, Israel business news – en.globes.co.il – on February 16, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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