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Bright Food deal values Tnuva at 8.6 bln shekels
May 22, 2014 / 7:41 AM / 3 years ago

Bright Food deal values Tnuva at 8.6 bln shekels

TEL AVIV, May 22 (Reuters) - Bright Food Group Co’s deal to buy 56 percent of Tnuva from Apax values all of Israel’s biggest food company at 8.6 billion shekels ($2.5 billion), a major shareholder in Tnuva confirmed on Thursday.

Israeli investment company Mivtach Shamir said it was holding talks with Bright Food regarding its 21 percent stake in Tnuva. Mivtach has a “tag-along” option giving it the right to sell its stake to Bright Food together with the Apax sale if it so chooses.

“The company is weighing its options, including remaining in Tnuva or exercising its tag-along option if talks with Bright Food do not lead to a binding agreement,” Mivtach said in a statement.

$1 = 3.4928 Israeli Shekels Reporting by Tova Cohen; Editing by Steven Scheer

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