Published On: Thu, Aug 29th, 2013

Yitzhak Tshuva fails to delist Delek Energy from TASE

Fell just 0.36% short of the required majority to delist from the TASE in its offer to purchase.


 / By Ron Steinblatt /
Despite a positive response from institutional investors including Psagot Investment House Ltd. and Halman Aldubi Investment House Ltd. to the offer to purchase by Delek Group Ltd. (TASE: DLEKG) controlled by Yitzhak Tshuva, for shares held by the public in Delek Energy Systems Ltd. (TASE:DLEN), the majority was not achieved which is required to delist the company from the TASE.
The percentage of the offer that responded positively was 7.9%, just 0.36% short of the amount required to approve the offer. The public owns 13.3% of Delek Energy.
For Delek Group’s offer to purchase to succeed, it needed a favorable response by shareholders who own at least 8.3% of the company to reach the required 95% threshold. All the financial institutions voted in favor of the offer to purchase except the advanced study funds of the schoolteachers and kindergarten teachers who hold a 1.1% stake.

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