Check Point Software Technologies Ltd. (Nasdaq: CHKP) vice chairman Marius Nacht last week applied to the US Securities and Exchange Commission (SEC) to put up for a sale a second block of two million shares worth $45 million. Check Point closed at $21.97 on Friday, giving a market cap of $4.7 billion. The share has risen 16% since the beginning of 2009, but is unchanged for the past 52 weeks.
A review by "Globes" of transactions by parties at interest in Check Point found that Nacht has sold $263.2 million worth of shares, assuming that the SEC approves his last two applications. These sales make him the largest seller of shares by a party at interest in an Israeli company listed on Wall Street, and also make him one of Israel's wealthiest men.
As of the end of 2008, before the latest two applications to sell shares, Nacht owned 9.6% of Check Point. However, the company's financial report for 2008, due to be published within a few months, will likely show that his stake has declined.
Check Point chairman and CEO Gil Shwed owns 15.6% of the company, currently worth $754 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009