Tambor Delisted From Tel Aviv Stock Exchange

Paint and building supplies manufacturer delisted from stock exchange as shareholders accept revised tender offer by its parent company.

Tambour, the paint and building supplies manufacturer whose products grace the walls of nearly every Israeli home, is being delisted from the Tel Aviv Stock Exchange, after shareholders overwhelmingly accepted a revised tender offer by its parent company.

Granite Hacarmel Investments, which had controlled 84% of Tambour, offered to buy the remaining shares at NIS 6 apiece, representing a 12% premium over its trading price last week, when the latest offer was extended.

By Tuesday, the deadline for shareholders to respond, Granite which is 60%-owned by real estate magnate David Azrieli had raised its stake in Tambour from 84% to 97.5% at a cost of NIS 61 million. Granite had raised the offer to NIS 6 per share after offering last month to buy the outstanding stock at NIS 5.25 per share.

Tambour shares have climbed 27% since the beginning of the year, following a 22% decline in 2011. The average annual return on the stock since 2007 has been around 1%.

Tambour is now priced at a market value of NIS 378.5 million.

“Granite will have four wholly-owned core holdings after completing the move, each a leading company in its field, which makes Granite unique among holding companies in Israel,” said Granite CEO Yossi Singer.

Granite closed in Tel Aviv yesterday up 6.3%.

Alex Levac