Home Business Amir brothers withdraw Shufersal takeover bid

Amir brothers withdraw Shufersal takeover bid


Yossi and Shlomi Amir have withdrawn the bid that they submitted on Sunday to buy a controlling 24.9% stake in Shufersal Ltd. (TASE:SAE) for NIS 2.5 billion due to objections from Paz Oil Company (TASE: PZOL).

The brothers, who sold supermarket chain Freshmarket to Paz, were offering NIS 28 per share for 88 million shares, a slight premium on Shufersal’s closing price on Sunday of NIS 27.20.

The Amir brother’s lawyer said that while they felt certain that their bid did not harm Freshmarket, they were nevertheless withdrawing their bid following Paz’s claim that the bid violated a three year non-compete agreement.

Published by Globes, Israel business news – en.globes.co.il – on March 16, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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