Strauss is paying NIS 66 million for the 12.44% holding of minority shareholders.
Strauss Group Ltd. (TASE:STRS) today signed an agreement with the non-controlling interest shareholders for the acquisition of full ownership of its subsidiary Strauss Water.
Under the terms of the agreement, Strauss Group is to acquire the entire 12.44% of Strauss Water held by minority shareholders. Strauss is to pay $28 per share and in total, the Group will be paying the minority shareholders NIS 66 million in cash from its own resources.
Strauss Group president and CEO Gadi Lesin said, “Strauss Water continues to be one of the Group’s global growth drivers. The Group’s investment today is part of our long-term strategy, which aims to continue to develop the category, as well as a reiteration of the Group’s great belief in Strauss Water and its ability to continue to grow. Full ownership will enable the Group to fully exploit future business and operational synergies between Strauss Water and the rest of the Group."
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
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