AIM-listed investment company Delek Global Real Estate has received an indicative £132m takeover proposal that would see it taken private by its Israeli parent company.
Delek Global said last Friday that it had received an indicative takeover offer, and on Monday Delek Belron International – a subsidiary of Delek Belron, a private Israeli property company that owns 85% of Delek Global – said it made the bid.
“This initial non-binding approach could lead to an offer being made to acquire the entire issued share capital of DGRE not held by Delek Belron and the company,” Delek Belron International said. The initial non-binding approach to DGRE for the 15% stake included an indicative offer price of 50p per share.
The bid values the company at £132m. It is a premium of 25% to Delek Global’s share price before the offer was made, but a discount of 82% to the company’s net asset value of 274p a share at the end of September.
