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%.
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