Bill Ackman, the billionaire activist investor who runs Pershing Square Capital, and his wife Neri Oxman have acquired a 5% stake in the Tel Aviv Stock Exchange TASE for $17 million. Ackman and his wife made the purchase themselves. It was not a Pershing Square Capital move.
The acquisition came as the TASE made a secondary offering of 17,156,677 ordinary shares at an offering price of 20.60 Shekels ($5.6) per share.
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According to the agreement between the TASE and certain shareholders of the TASE, which made publicly disclosed by TASE on December 14, 2023, the TASE will receive approximately 242 million Shekels ($66 million) of the net proceeds from this offering after deducting placing commissions and other offering expenses payable in connection with the offering.
Bill Ackman himself has made no comment publicly on the acquisition.
The TASE, however, revealed his and Neri Oxman’s investment stating, “The transaction drew robust interest from investors across Israel, the United States, Europe, and Australia, reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large.”
“Among the prominent buyers were Neri Oxman and Bill Ackman who have agreed to purchase approximately a 4.9% equity stake in the TASE.”
The Tel Aviv Stock Exchange LTD (TASE) was established in Israel in September 1953. TASE plays a central role in the Israeli economy and provides a market infrastructure that is central to the economy’s growth. TASE provides markets for the listing and trading of a vast range of securities and derivative instruments.
Neri Oxman is an Israeli-American designer and professor known for art and architecture that combines design, biology, computing, and materials engineering. She coined the phrase “material ecology” to define her work. She was born in Haifa, Israel, in 1976. She studied architecture at the Hebrew University of Jerusalem and the Technion University – Israel Institute of Technology. She then moved to the UK to study at the London Institute of Architecture, where she received a master’s degree in design.
Bill Ackman is the founder and CEO of Pershing Square Capital Management, a hedge fund management company. He’s known for his activist investing approach, which involves taking large stakes in companies and pushing for changes in their management or strategies.
