Shikun Binui Holdings Ltd. (TASE: SKBN) has joined the fray in the struggle to buy control of Paz Oil Company Ltd. (TASE:PZOL). Shikun Binui today sent a letter to Paz chairman Harel Locker offering to merge its subsidiary Shikun Binui Energy into Paz in exchange for 58% of the shares of Paz.
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Paz is traded on the Tel Aviv Stock Exchange (TASE) with a market cap of NIS 4 billion so the offer reflects a valuation of NIS 5.5 billion for Shikun Binui Energy. Shikun Binui said that Paz’s strategy would integrate well with the assets, capabilities and knowhow of Shikun Binui Energy. Shikun Binui added that acceptance of its offer would represent the rapid and almost immediate implementation of the board’s plans.
Published by Globes, Israel business news – en.globes.co.il – on May 18, 2021
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