IDB Development Corp. Ltd. said it agreed to sell 49.9% out of its 60.5% stake in Clal Industries and Investments Ltd., or CII, to privately-held Access Industries in an all cash deal which values 100% of CII at NIS 2.55 billion.
Under the purchase agreement terms, IDB will receive NIS 16.19 per share in cash at the closing of the transaction. The purchase price represents a 41.7% premium to the current closing price of the shares and a 15.6% premium based on a three month average closing price for the shares.
It is anticipated that the transaction will be completed expeditiously. Post-close, it is expected that Avi Fischer, CII's current Co-CEO, will serve as CII's Executive Chairman.
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