The Israeli holding company Clal Industries and Investments said that it was mulling a bid along with affiliate Discount Investment Corp for 6-10 percent of Scitex on the Tel Aviv exchange.
The terms and size of the bid had not yet been decided. Clal and Discount Investment Corp, owned by IDB Development Corp, each hold 22 percent of Scitex. The digital printing firm Scitex soared 13.2 percent to 9.67 shekels on the news on Monday Sept. 26 ($1 = 4.66 shekels).
It may be interesting to note that the ExScite Itai Halevy has recently been appointed VP Business Development at Clal Industries & Investments.
TEL AVIV, Aug 25 (Reuters) – Israeli holding company Clal Industries and Investments said on Sunday it was mulling a bid along with affiliate Discount Investment Corp (Tel Aviv:DISI.TA) for 6-10 percent of high-tech firm Scitex Corp (Tel Aviv:SCIX.TA). The terms and size of the bid had not yet been decided, Clal said in a statement to the Tel Aviv Stock Exchange.
Clal and Discount Investment Corp, owned by IDB Development Corp (Tel Aviv:IDBD.TA), each hold 22 percent of Scitex. Any decision on a bid is dependent on regulatory checks currently being carried out and there is no certainty that a bid will be made, Clal added.
The share prices of Clal and Discount both dropped sharply, posting the day’s largest falls on the Tel Aviv bourse, while IDB also slipped after a report in the Israeli media on Sunday that the firms planned to bid for more Scitex shares. Clal fell 2.5 percent to 16.89 shekels, Discount dropped 3.2 percent to 104.0 shekels and IDB shed 1.4 percent to 94.7 shekels, compared with a 0.3 percent rise on the broader Tel Aviv market. Digital printing firm Scitex soared 13.2 percent to 9.67 shekels on the news ($1 = 4.66 shekels).
It may be interesting to note that the ExScite Itai Halevy has recently been appointed VP Business Development at Clal Industries & Investments.
