Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Teddy Sagi delisting Market Tech from London Stock Exchange

Teddy Sagi’s privately held LabTech Investments buy the 29% of Market Tech it does not already own; valuing Market Tech at $1.14 billion.

Teddy Sagi

Billionaire Teddy Sagi’s privately held LabTech Investments Ltd, owns 71% of London-listed Market Tech, has agreed to buy the 29% remaining stake it doesn’t already own at a 30% premium. The company said Friday 

LabTech will buy the remaining stake for 188 pence per share in cash, valuing Market Tech at $1.14 billion. Sagi will pay about £264 million for the minority shareholdings, and a further £100 million to repay the company bonds, or about $500 million in total.

Teddy Sagi is delisting Market Tech Holdings Ltd., with a view to turning it into a private company wholly owned by him.

Market Tech was floated on the London Stock Exchange in late 2014 at a valuation of £750 million. Its main assets are properties in and around the Camden area of north London, and retailing technology companies.

LabTech was founded in 2014. Its main assets are its shareholding in Market Tech and a portfolio of properties in Holborn, Central London, which it acquired in late 2016 for approximately £300 million.

LabTech is wholly owned by GHT, a trust of which the ultimate and sole beneficiary is Teddy Sagi. The company intends to finance the Offer exclusively by means of its existing financial resources.

Commenting on the Offer, Robert Akkerman of LabTech, said: “We continue to believe in Market Tech’s potential and believe this offer provides an attractive and certain value for the current Market Tech independent shareholders.”

Neil Sachdev, Chairman of Market Tech, said: “The Independent Directors have reviewed this cash offer in light of the potential of the business whilst also considering the impact of both uncertain market conditions and the current rating for listed UK real estate companies with large scale long term developments. Against this background, the Independent Directors believe the cash offer provides shareholders with a certain opportunity to realise future potential value today, at an attractive premium to the current share price.”

Market Tech’s board recommends accepting the offer. It will be voted in two weeks’ time. It requires the support of half the minority shareholders.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Advertisement
cialis