Alex Shnaider buys joint control of Mishorim

Alex Shnaider Photo: Bloomberg

The Canadian billionaire businessman will own 37% of the company, the same as current controlling shareholder Gil Blutrich.

Mishorim Development Ltd. (TASE:MSHR), controlled by Gil Blutrich, today reported the signing of an agreement with Canadian billionaire businessman Alex Shnaider for joint control of Mishorim. Shnaider will buy shares from Blutrich for NIS 45 million. Shnaider is known in Israel as the former owner of the Maccabi Tel Aviv soccer team.

The shares will be sold at NIS 9.50 a share, reflecting a 57% premium on the current market price.

Blutrich currently owns 52.68% of Mishorim's share capital, while Shnaider has 21.38%. When the sale is completed, each of them will hold 37% of the company's share capital.

The agreement also gives Shnaider an option to buy up to 50% of the shares in Skyline International Development Inc. (TASE: SKLN), directly controlled by Blutrich, for six months after the deal is completed.

Shnaider said, "After thorough consideration of the group's activity in recent months, we saw great potential in Mishorim's asset portfolio and that of Skyline. In order to significantly influence and contribute to the way the company is managed and developed, I decided to acquire joint control of the company with Blutrich."

"I welcome the entry of Alex Shnaider into the controlling interest in Mishorim," Blutrich said, adding, "Most of the company's business is concentrated in Canada and the US, which are Shnaider's main areas of activity. I'm convinced that Alex's financial abilities, together with his reputation and connections, will help the management of Mishorim and Skyline to bolster the group's growth and financial soundness."

Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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Alex Shnaider Photo: Bloomberg
Alex Shnaider Photo: Bloomberg
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