Last Thursday, Moti Ben-Moshe completed the delisting of Naaman Porcelain from the Tel Aviv Stock Exchange (TASE), making it a private company fully owned by Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI), which he controls.
The revised offer to purchase for the 22.5% minority holdings in Naaman, NIS 5.06 per share, was accepted by holders of 21.03% of the company's issued and paid share capital.
No acceptance was received from the holders of the other 1.45% of the company. Their holdings will be acquired in a forced purchase under the Companies Law.
With the completion of the offer to purchase, the Alon Holdings Blue Square group will own all of the shares in Naaman and all of the voting rights. Naaman will become a private company with a value of NIS 95 million, and will be delisted from the TASE.
In the announcement of the offer to purchase, the Alon Holdings Blue Square board of directors said that the main reason for delisting the company's shares from trading was the expenses incurred in managing a public company and the need to reduce expenses, given the growing competition and low entry threshold in home utensils and textiles.
Upon the success of the offer to purchase, Naaman Porcelain chairman Shlomo Zohar said, "The measure was an important vote of confidence by owner Moti Ben-Moshe in the company. There is no doubt that now that Naaman has become a private company, management will have greater flexibility, and it will be easier for Naaman to continue prospering in the very competitive business environment in which it operates."
Published by Globes [online], Israel Business News - www.globes-online.com - on July 9, 2017
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