According to the purchase agreement, IDB will receive NIS 16.19 per share in cash, representing a 41.7% premium to the current closing price of the shares and a 15.6% premium on a three month average closing price for the shares, at the closing of the transaction.
Upon the completion of the transaction, Avi Fischer, CII’s current Co-CEO is expected to serve as CII’s Executive Chairman.
Marking Access Industries’ first major acquisition in Israel, its Chairman and founder Len Blavatnik said: "CII is attractive to Access with strong complementary assets to Access’ current portfolio."
The transaction is subject to customary closing conditions, regulatory approvals and financing.
IDBD holds 60.5% stake in CII.
CII holds a portfolio of investments in industrial fields, ranging from manufacturing-oriented activities to advanced technology companies and also operates units to manage its investments in biotechnology and other venture capital investments.
