Metis Capital Ltd. (TASE: MTSC), controlled by Amnon Barzilay and Mony Harel, is attempting a hostile takeover of Ameris Holdings Ltd. (TASE:AMRS.B1) and its subsidiary, Petro Group Ltd. (TASE:PTGR). Metis Capital has reached a 12% holding in Petro Group and also holds 62% of Ameris's bonds.
Metis Capital today announced that, yesterday, it bought 986,141 Petro Group shares at NIS 5 per share. A few weeks ago, Metis Capital bought 5.4% of the company, and it now owns 1.8 million shares, amounting to 11.7% of the company. At the same time, Metis Capital bought Ameris bonds and 13.17% more of Ameris's shares, on which Metis Capital had a lien to secure a NIS 2 million loan.
Petro Group owns the Double Kwik gas and convenience store chain in the US as well as concessions to sell gasoline to these gas stations. Metis Capital imports and sells vehicles and spare parts. It also has a car rental and leasing business through its 50% stake in Subaru importer Japan Auto Ltd. and wholly owned subsidiary Metis Vehicle Ltd.; as well as income-producing real estate.
Ameris and Petro Group were until a few months ago owned by Arcadi Gaydamak. Zwi and Yossi Williger took over the company when they exercised their lien on Gaydamak's shares. Petro Group's share price has fallen 80% since January.
Published by Globes [online], Israel business news - www.globes-online.com - on December 4, 2008
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