Only in Her Dreams...

Shari Arison wants to delist Salt Industries from the Tel Aviv Stock Exchange.

Arison Investments published an offer on Wednesday (via its subsidiary Arzaf) to buy the 7 million shares held by the public, constituting 17.8% of the company's stock.

Arison Investments owns the other 82.2% and is offering NIS 15.50 for the outstanding shares - about 7% above Salt Industries' market price on the morning of the offer.

If all the shareholders agree to the deal, the buyout will cost Arison NIS 110 million.

Arison was hoping to take advantage of the slump in the company's share price, which had tumbled around 50% in the past 12 months, mainly due to the sharp drop in the value of Bank Hapoalim, in which Salt Industries has a 6% stake.

Arison owns an additional 20% of the bank via Arison Holdings.

In response to Arison's offer, Salt Industries' stock surged 16% Wednesday, wiping out the offer's premium. The last date for shareholders to respond to the offer is August 5.

"Shari apparently figures she has an opportunity to delist the stock, and is trying to help investors who have liquidity problems," wrote Meir Slater, a financial analyst at Prisma investment house.

Sources at Prisma say that investors will not be interested in Arison's offer because most of them bought their shares at higher prices.

Support for this assessment of Arison's chances was evident in a remark by one institutional investor who owns Salt Industries shares: "At under NIS 20, Shari can keep dreaming that we'll sell her our shares."