FIMI Opportunity Funds (FIMI), run by CEO Ishai Davidi, is in talks to acquire 30% of C. Mer Industries Ltd. (TASE: CMER) for NIS 95 million. When the deal is closed, C. Mer will distribute a NIS 77 million dividend, an extraordinary 26% dividend yield on yesterday's closing market cap of NIS 296 million.
C. Mer's share price rose 17.5% on the report to NIS 45.80.
C. Mer operates in telecommunications, security, and cleantech. Holdings include Mer Telecom Ltd., Spacecom Satellite Communications Ltd. (TASE:SCC) (4.14%), and solar energy operator Sun Team Group Ltd. (TASE: SNTG) (33.06%).
C. Mer's controlling shareholders, Chaim Mer (48.31%) and Isaac Ben-Bassat (15.14%) will continue to control the company together with FIMI, after its investment.
Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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