Israel Canada has submitted an improved takeover bid to Norstar

Norstar, which controls Haim Katzman’s Gazit Globe (28%), reported yesterday to the stock exchange that it had received a non-binding offer from Israel Canada, which is controlled by Asi Tochmeier and Barak Rosen, to acquire control of the company. This is an improved proposal compared to what it has been until today.

Canada Israel now holds 22.36% of Norstar shares, worth about NIS 400 million. It is interested in acquiring all the shares with the aim of turning it into a private company. In such a situation it will not be considered a stratum company under the term in the Centralization Law. According to the offer submitted, Norstar shares will be purchased at a price of NIS 55.55 per share. Each shareholder in the company will be given the option to receive half of the consideration in the shares of the subsidiary Gazit Globe, in a conversion ratio of 1.88 Gazit shares against one share of the company.

Haim Katzman (Photo: Yachz)

The proposal obliges Katzman to cancel his plan to issue rights and distribute a dividend in kind (as opposed to a cash dividend) of about 14% of Gazit Globe’s shares to shareholders, which was decided on about two weeks ago. In addition, Israel Canada requires that it refrain from conducting negotiations with others during the conduct of due diligence. The Company’s Board of Directors will convene today to examine the offer and decide on the terms and conditions for accepting it, and whether to cancel at this stage the issuance of the rights and the distribution of shares of Dividend in kind. The takeover of Israel Canada is backed by the position of a number of institutional bodies. Katzman himself will not hesitate to part with the company at the appropriate price.

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