www.bethelfinance.com
Bethel Finance news:
Ormat Industries Ltd. (TASE: ORMT) controlling shareholders CEO Yehudit Bronicki and her husband, COO Yehuda Bronicki, have reached an understanding with Ishay Davidi to sell 12% of the company to his firm First Israel Mezzanine Investors Fund (FIMI) at NIS 24 per share, for a total of NIS 336 million.
The sale price is 10% above Ormat's opening price today, but less than the Bronickis' asking price for the shares.
The Bronickis have been under pressure to repay their NIS 600 million loan owed to Bank Hapoalim (TASE: POLI), which comes due in early 2012. They took the loan to fend off an earlier hostile takeover attempt of Ormat by Chaim Katzman through Gazit Inc. (now Norstar Holdings Inc. (TASE: NSTR)). The collateral for the loan is the Bronickis' shares in Ormat.
Following the sale, the Bronickis and FIMI will each own 22.5% of the geothermal company. Ormat is FIMI's biggest acquisition to date - NIS 600 million, including previous purchases of shares in the company.
The parties expect to close the sale by the end of the year.
Ormat's share price fell 2.3% by mid-afternoon to NIS 21.49, giving a market cap of NIS 2.6 billion.
No comments:
Post a Comment