Shareholders agree to sell control of TASE

Tel Aviv Stock Exchange Photo: Eli Yizhar
Tel Aviv Stock Exchange Photo: Eli Yizhar

Holders of 71.7% of the TASE's shares have agreed to the sale of their shares to a foreign buyer, if one is found.

The plan for selling control of the Tel Aviv Stock Exchange (TASE) is going on to the next stage. The plan by TASE's management to create a controlling core, which it will offer for sale, is gaining support from the current shareholders - the banks and the investment houses (TASE members). Sources said today that the TASE's offer to its members to serve as an intermediary in a deal for the sale of their shares in the TASE to a third party had been accepted by holders of 71.7% of the TASE's shares, constituting a substantial controlling interest, according to the TASE's announcement.

As of now, the TASE's management has no concrete buyer, but it has obtained a mandate from its members to find such a buyer (it hopes to find a stock exchange or a network of leading foreign stock exchanges), and create a situation in which control of the TASE will be sold to a strategic party that will improve it. The deal involves a three-month option.

As far as is known, several foreign stock exchanges have expressed initial interest in the TASE. According to knowledgeable sources, however, there is nothing concrete at present. In any case, if such a buyer is found and progress is made towards a deal with it, it will be able to buy all the shares of the members who have authorized the sale of their shares, or only some of them (pro rata according to the size of the deal). If no deal is reached, the TASE is not committed to buying the shares of its members in the framework of this agreement.

Published by Globes [online], Israel Business News - www.globes-online.com - on January 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Tel Aviv Stock Exchange Photo: Eli Yizhar
Tel Aviv Stock Exchange Photo: Eli Yizhar
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