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a building
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Improves by 9% the takeover bid for
Real Estate Rock
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And is worth about NIS 1.6 billion to the Harit Fund. This is a premium of about 4% on the market price, because the market estimated that the offer would be upgraded upwards.
Under the updated proposal, the cash alternative was eliminated. The company has announced a new exchange ratio between Sela shares and Structure shares in order to take over the fund. Each holder of a Sela share will be offered a structure share (a ratio of 1: 1, compared with a ratio of 0.92 in the previous offer. In total, Mivna offers to purchase 14.183 million shares of Sela (95% of the share capital; about 5% are held by Mivna).
The new offer comes after much discussion about the validity of the takeover bid and the opposition of Sela Real Estate’s management company to the move. Opposition that stems both from the price that the fund managers claim is low and from the loss of control and loss of revenue to the general partner who manages the fund. However, it seems that in the new pricing, the resistance will be lower.
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