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Tshuva again seeks to delist Delek Energy

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Wednesday, July 4th, 2012

Delek Group Ltd. (TASE: DLEKG) today published a new offer to purchase for Delek Energy Systems Ltd. (TASE: DLEN) and delist the company from the TASE. The offer totals NIS 837 million, most of which will be paid in shares of Delek Energy gas exploration subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L), and the rest in cash.

Delek Group owns 4,460,124 Delek Energy shares, 87.64% of the company, and is offering to purchase the 629,047 held by other shareholders. Delek Group is offering 431 participating units in Avner (based on Thursday’s closing price of NIS 2.16 per unit), and 28 participating units in Delek Drilling (based on Thursday’s closing price of NIS 11.80 per unit), plus NIS 70.40 in cash for each Delek Energy share.

Avner and Delek Drilling are partners in Israeli offshore licenses Yam Tethys and its Noa and Pinnacles satellite fields, Tamar, Dalit, and Leviathan, as well as in Cyprus’s Block 12.

Delek Group’s share price rose 4.2% by midday today to NIS594, giving a market cap of NIS 6.5 billion, Delek Energy’s share price rose 3.9% to NIS 1,382, giving a market cap of NIS 6.5 billion, Avner’s share price rose 2% to NIS 2.20, giving a market cap of NIS 7.2 billion, and Delek Drilling’s share price rose 2.6% to NIS12.11, giving a market cap of NIS 6.5 billion.

Published by Globes [online], Israel business news – www.globes-online.com – on July 1, 2012