Yitzhak Tshuva's Delek Group Ltd.'s (TASE: DLEKG) European real estate arm, Delek Global Real Estate Ltd. (AIM:DGRE) received an offer to acquire the 15% stake in it that is not already owned by Delek Real Estate Ltd. (TASE: DLKR).
Delek Real Estate owns 85% of DGRE through wholly owned subsidiary Delek Belron International Ltd. (TASE:DLKI.B1).
The offer was for ₤0.50 per share, over 25% above the Delek Global Real Estate market price at the date of the offer.
The deal, if it goes through, will lead to Delek Global Real Estate being delisted from London's AIM.
Delek Global Real Estate owns stakes in properties and companies in the UK and elsewhere in Western Europe and Canada, some of them in partnership with Igal Ahouvi's Blenheim Properties Group Ltd.
Delek Global Real Estate rose 10% on Friday to ₤0.44, giving a market cap of ₤116 million. The share more than doubled since the beginning of 2009, but has lost over half its value since January 2008.
Delek Group's share rose 3.9% in morning trading to NIS 287.20, and Delek Real Estate's share rose 0.3% to NIS 3.89.
Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2009
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