Zur Shamir Holdings is offering a 46% premium for the public's shares in subsidiary Adgar Investment & Development, in order to delist it from Tel Aviv Stock Exchange.
Zur Shamir owns 86.8% of Adgar's stock, which suffers from vanishingly small negotiability, which probably prompted the idea to delist. A full response would cost Zur Shamir NIS 54 million.
Its offer prices Adgar at a company value of NIS 243 million, compared with its market cap of NIS 160.3 million. Adgar's book value is NIS 178 million.
Adgar had NIS 61 million cash and short-term deposits at the end of the second quarter.