The company said it would exercise options granted in September.
Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) said today that it has decided to exercise options it was granted in September and will buy 2,857,143 shares of Clal Biotechnology Industries Ltd. (TASE: CBI).
Migdal will pay about NIS 40 million. It will pay NIS 14 per share, compared with yesterday's closing price of NIS 18.80.
Clal Biotechnology has a market cap of around NIS 1.8 billion, with its share up 30.6% so far in 2010. The share traded as high as NIS 24 in April, and has fallen since then.
Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2010
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