July 23, 2020 / 7:15 AM / 23 days ago

Israeli Discount to accept $427 million offer for Shufersal stake

TEL AVIV (Reuters) - Israeli holding company Discount Investment Corp (DISI.TA) said it has decided to accept an offer from institutional investors to sell its shares in supermarket chain Shufersal (SAE.TA) for 1.46 billion shekels ($427 million).

Discount received an offer of 23.5 shekels for each of its 61.96 million Shufersal shares, equal to a stake of 26%.

Shares in Shufersal, the country’s largest supermarket chain, closed at 23.83 shekels on Wednesday.

Discount, which is controlled by Argentinian businessman Eduardo Elsztain, noted that Shufersal is valued on its books at 1.38 billion shekels. In September the company said it was examining the sale of shares in Shufersal.

Israeli media reported that the sale stemmed from rising debts at Discount.

Reporting by Tova Cohen; Editing by Steven Scheer

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