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The company is responsible for 10% of the trading turnover on the Tel Aviv 25 Index.
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/By Gali Weinreb and Tali Tsipori/
“Globes” made waves yesterday when it reported that Perrigo Company (NYSE:PRGO; TASE:PRGO) is looking for a buyer and would hope to get a 25% premium on its market cap of $20 billion. The report sent the share price in New York up 8.7% to $158.9 giving it a market cap of $21.3 billion while on the TASE today, Perrigo’s share price rose by 6.4%. In morning trading on the NYSE today the share remained volatile and slipped 3.34%.
One of the biggest losers of any potential sale of Perrigo could be the Tel Aviv Stock Exchange (TASE). Although headquartered in the US, Perrigo has been dual listed on the TASE since it acquired Agis Pharmaceuticals in Israel in 2005, then controlled by Mori Arkin, for $818 million.
If Perrigo is acquired then in all probability it would be delisted from the TASE and this would be a painful blow for the Israeli stock market. Perrigo contributes 10.3% of the trading volume on the Tel Aviv 25 Index of Israel’s largedst companies, second only to Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA).
In recent major acquisitions of companies traded on the TASE Given Imaging by Covidien and Retalix by NCR, both Israeli companies were delisted. Only a few days ago figures were published to show that 23 companies have delisted from the TASE since January and 61 companies since the beginning of 2013.
Published by Globes [online], Israel business news – www.globes-online.com
