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Blavatnik offers to buy rest of Clal Industries

Access Industries has made an offer to purchase for Clal Industries at a 24% premium on today’s opening price.


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Len Blavatnik / Getty

Access Industries Inc., owned by Len Blavatnik, has made an offer to acquire all of Clal Industries and Investments Ltd. (TASE: CII) at a premium of 24%, according to a notice to the TASE by Clal Industries today. Access Industries owns 49.9% of the company, after acquiring the stake from IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, in 2012. Blavatnik now wants full control of the company, and is offering NIS 15.80 per share, a 24% premium on today’s opening price of NIS 12.74.

Clal Industries’ share price rose 18.8% in early trading to NIS 15.13, giving a market cap of NIS 2.4 billion.
If the offer to purchase is accepted, Blavatnik plans to merge Clal Industries, as a private company, with Access Industries. He is offering the same company valuation for Clal Industries at which he acquired control of it from Dankner in July 2012 (adjusted for dividends). Access Industries paid NIS 1.27 billion for Clal Industries, reflecting a valuation of NIS 2.55 billion.
Blavatnik received from Dankner an option to acquire the remaining 10.6% of IDB’s stake in Clal Industries at the same valuation, but Access Industries did not exercise the option due to regulatory restrictions on it. IDB ultimately sold the stake to Altshuler Shaham Ltd. and Menorah Mivtachim Holdings Ltd.(TASE: MORA).
Clal Industries’ main holdings are 75% of Mashav, 56.8% of Clal Biotechnology Industries Ltd. (TASE: CBI), 59.1% of Hadera Paper Ltd.(TASE: AIP; Pink Sheets: HAIPF), and 62.1% of Golf & Co. (TASE:GOLF). Ireland’s CRH plc (LSE; NYSE; ISEQ: CRH) owns the other 25% of Mashav, which wholly owns Nesher Israel Cement Enterprises Ltd. and 50% of transportation, logistics, and infrastructures company Taavura Holdings Ltd.(the Livnat family owns the rest).
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