Shikun & Binui receives huge offer for Texas road project stake

Published date20 September 2022
Publication titleGlobes (Rishon LeZion, Israel)
That valuation would make Shikun & Binui's stake worth $421 million. The comany has invested some $100 million in the project, so the offer represents a more than four-fold return on investment in just five years

Shikun & Binui's share price is currently up more than 11% on the Tel Aviv Stock Exchange.

"If the company decides to accept the offer and enters into a binding sale agreement, that could lead to a material gain in the company's financial statements," Shikun & Binui stated.

Shikun & Binui has been asked to respond to the offer by October 20, 2022. If the deal goes ahead, it will be completed by December 31, 2022. Shikun & Binui says that it is examining the offer, and that acceptance is conditional on negotiations between the sides being completed, on obtaining regulatory approvals, and on other customary conditions in such transactions.

SH 288 is a main approach road to central Houston and to the Texas Medical Center. The area suffers from heavy traffic congestion, particularly in the morning and...

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