Tnuport owners make counter bid for Norstar

• Published date: 25 April 2022

"Globes" has further learned that Dahari and Adiv's offer is similar in nature to the one made by Israel Canada (TASE: ISCN), but higher, and is likely to lead to a battle between the two that will raise the price for Norstar

Dahari and Adiv's offer also includes a payment of 5% of the rise in value, if any, of Gazit Globe's shares in the 36 months following completion of the acquisition for the shareholders who choose to be paid in cash. The offer does not specify the sources of finance for the acquisition, but the two have various possible independent sources, among them the possibility of floating Tnuport and Ispro.

Israel Canada, controlled by Barak Rosen and Asaf Tuchmair, holds 22.36% of Norstar. Yesterday, Israel Canada submitted to the Norstar board a non-binding offer to enter into negotiations on a deal to buy the remaining shares in Norstar, possibly with additional partners. The terms of the offer are NIS 55.55 per share, an offer that values Norstar at NIS 2.08 billion fully diluted. The offer can be accepted in two forms: completely in cash, or partly (up to 50%) in shares of Gazit Globe held by Norstar, in the ratio of 1.88 Gazit Globe shares for each Norstar share. If it takes place, the deal will be a triple reverse merger, at the end of which Norstar will become a privately-held company that is not a reporting company (i.e., its listed bonds will also be repaid in full or will be replaced by other securities).

The Norstar...