The partners will take mining company Nikanor private.
Nikanor plc (AIM:NKR) has received a non-binding offer from Cosaf Ltd. to acquire the public’s 28% stake in the company at ₤6 per share (the company’s IPO price). If accepted Cosaf will delist Nikanor from trading.
Cosaf is a special purpose vehicle whose shareholders are Nikanor’s three main shareholders, Oakey Invest Holdings Inc. (owned by Dan Gertler), Pitchley Properties Ltd. (owned by Moshe and Mandy Gertner), and New Horizon Minerals Ltd. (owned by Benny Steinmetz), which own 72% of Nikanor altogether; as well as two companies wholly by RP Capital Partners Cayman Islands Ltd. and Glencore International AG of Switzerland. If the offer to buy is accepted, Oakey, Pitchley and New Horizon, will transfer their holdings in the company to Cosaf at no cost.
Yesterday, Nikanor was traded at ₤6.50, giving a market cap of $1.8 billion, 7.7% more than the $1.67 billion value offered by Cosaf.
Published by Globes [online], Israel business news - www.globes.co.il - on May 17, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007