Tshuva again fails to delist Delek Energy - GLOBES

16 Apr, 2018 11:53
Kobi Yeshahayou

Delek Group improved its offer, but it still fell short. Market source: The reasons for the rejection are not purely economic.

Another offer to purchase by Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, for the public's shares in its Delek Energy Systems Ltd. (TASE:DEOL) subsidiary, aimed at delisting it from the TASE, has failed, even though Delek Group improved the cash element the offer. Delek Group, which owns 88.2% of Delek Energy, had to obtain acceptance of its offer from owners of at least 7% of the shares in Delek Energy for the offer to succeed, but owners of only 5.3% of the shares accepted.

A senior capital market source told "Globes," "There is no price at which the offer would have succeeded, among other things because some of the shareholders are making decisions for reasons that are not necessarily economic. There are investors who are in love with this security, and are not selling it for all sorts of reasons, whether because they think that Delek Group is not revealing all of the information it has about Delek Energy, or for other reasons. In my opinion, this security will not be delisted from the TASE, simply because there are enough shareholders whose considerations are not purely economic."

Small players take large chunk of Tamar offering - GLOBES

6 Jul, 2017 12:41
Nitzan Cohen

Barak Capital invested almost NIS 350 million, and even Altshuler Shaham took part.

The huge offering by Tamar Petroleum attracted great interest yesterday. Barak Capital invested almost NIS 350 million, an amazing sum considering that the largest institution that took part in the offering, Yelin Lapidot, invested about NIS 400 million. Another large institutional investor was Menorah Mivtachim, which invested about NIS 150 million.

Tamar Petroleum is special purpose vehicle set up by Delek through which to divest itself of its 31.3% stake in the Tamar gas reservoir as required under the antitrust agreement with the Israeli government.

Altshuler Shaham, which generally avoids such offerings or invests small amounts, invested some NIS 90 million yesterday. Altshuler Shaham's chief fund manager Dani Yardeni has been criticized in the financial press recently over money exiting the firm's mutual funds. Yardeni has taken a militant line against the wave of bond offerings in recent years, which he argues does not reflect the real risk and does not compensate for risk taking with adequate returns.