Full Tender Offer for Acquisition of All Delek Energy Shares

Source: www.gulfoilandgas.com 8/5/2013, Location: Middle East

Delek Group announced a proposal for the complete acquisition of Delek Energy Systems Ltd. (Delek Energy), through the framework of a tender offer for 685,804 shares. This will be in exchange for 685,804 units, of which each one comprises of 48 participation units in Delek Drilling Limited Partnership (Delek Drilling), 324 participation units of Avner Oil Exploration Limited Partnership (Avner), 1 share of Delek Royalties (2012) Ltd. (Delek Royalties) and NIS 71.2 in cash.

As the proposal is in participation units of Delek Drilling and Avner and shares of Delek Royalties, the tender offer will be conducted under a shelf offering by Delek Drilling and Avner and initial prospectus offering of Delek Royalties.

In the case where Delek Royalties shares will not be listed for trading and / or tender offer acceptance rate will be lower than the required amount for compulsory acquisition, the tender offer will not enter into force, its provisions shall not bind the Company, and the Company will not acquire any shares of the offerees who responded to the tender offer. In this case, the Company will be entitled to announce another tender offer at any other time, without being committed to the terms of this tender offer, subject to the Tender Offer Regulations.

As of the date of this report, the Company holds directly approximately 86.67% of Delek Energy. If the tender offer is accepted in full, the Company will hold 100% of Delek Energy and it will become a private company (but will remain a Reporting Corporation through the bonds it has issued to the public).

Investors have until August 28, 2013, at 2pm Israel time to accept this offer.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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