Published On: Wed, Jun 10th, 2015

Major Plus500 shareholder opposes Sagi takeover

UK hedge fund Odey Asset Management, which has a 25.5% holding in Plus500, opposes Teddy Sagi's offer.

Teddy Sagi

Playtech Cyprus Ltd.’s (LSE:PTEC) offer to purchase for Plus500 Ltd. (AIM: PLUS) shares was welcomed by the company’s five founders (their consent highlights their lack of confidence in the company’s future, following the crisis created by suspicions of money laundering). One institutional shareholder, however, is not really satisfied with the price being offered for the company by Teddy Sagi.

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When the Plus500 share started to lose ground, Odey Asset Management, a respected UK hedge fund and institutional investor, began accumulating the company’s shares, obtaining a 25.5% holding – far more than company founder Alon Gonen. Sagi’s offer of £4 per share constitutes an 8.1% premium on the market price before his offer was published… READ MORE

GLOBES logo-eng (1) Published by Globes [online], Israel business news – www.globes-online.com

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