Alrov Sets November 4 Share Delisting After Akirov Tender Offer

Alrov Real Estate and Hotels shares are scheduled to be removed from trading on Wednesday, November 4, following the successful tender offer by Alfred Akirov and his private companies. The company announced the delisting timetable on Sunday. Trading in the shares had already stopped on October 29, when the offer secured sufficient acceptance to proceed with a compulsory acquisition of the remaining public holdings. The offer priced each share at NIS 322.41. It covered approximately 2.45 million shares for a total of about NIS 788 million, implying a company value of roughly NIS 6.64 billion. The acceptance threshold allows the buyers to acquire shares from minority holders who did not accept the offer. Under the announced timetable, payment for the compulsory acquisition is due to reach stock-exchange clearing members on Tuesday, November 3, ahead of the shares' removal the following day. Alrov's bond series E, F and G will continue trading. The removal of its shares therefore does not end its status as a reporting corporation. The transaction also faces a minority-shareholder challenge. Walter Team, which opposed the tender, has sought approval for a class action against Akirov and his private companies. The application alleges a fair value of NIS 357.94 per share, above the offer price. That valuation is the applicant's claim, rather than an adjudicated finding.