Amir brothers to win control of Shufersal

Shlomi and Yossi Amir are set to change into the brand new controlling shareholders of Shufersal Ltd. (TASE:SAE). The big institutional buyers, which maintain a 64% stake in Israel’s largest grocery store chain, have opted for the bid of the Amir brothers, who had beforehand arrange the Freshmarket grocery store chain, earlier than promoting it to Paz in 2021.

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Regardless of US bid, Amir brothers favorites to purchase Shufersal

Within the deal, the Amir brothers will purchase 40% of the holding of the institutional buyers at an organization valuation of NIS 6 billion for Shufersal, for a controlling stake of 24.9%.

Earlier right now the deadline for accepting the Amir Bros bid expired. 5 of the six institutional buyers Migdal, Clal, Menorah Mivtachim, The Phoenix and Altshuler Shaham agreed to just accept the Amir brothers bid, whereas Harel consulted with advisors earlier than falling into line.

The institutional buyers most well-liked the Amir brothers bid to that of the Zwi Williger-Delek Israel consortium though the latter valued Shufersal at NIS 6.5 billion, NIS 500 million greater than the Amir brothers. There was additionally a priority that promoting to Zwi Williger, who owns meals importer Willi Meals Worldwide, might lead to regulatory issues with the Israel Competitors Authority.

A US consortium led by businessman Michael Alpert additionally bid for management of Shufersal at an organization valuation of NIS 6.1 billion however dropped out of the race earlier this week.

Shlomi and Yossi Amir expanded a household grocery retailer in Nesher close to Haifa into the Freshmarket grocery store chain, which they bought to Paz in 2021 for NIS 2.1 billion. They signed a non-competition settlement with Paz, which isn’t as a consequence of expire till the beginning of 2025 however Paz has agreed to shorten the settlement in trade for NIS 100 million compensation.

Printed by Globes, Israel enterprise information – en.globes.co.il – on February 13, 2024.

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