The Board of Directors of Indorama Ventures Public Company Limited (SET: IVL) has approved Indorama Ventures Spain, S.L. (IVSSL) and/or Indorama Netherlands B.V. (INBV), its indirect subsidiaries, to further acquire the remaining 34.03% equity stake in Avgol Industries 1953 Ltd. (Avgol), a listed entity on the Tel Aviv Stock Exchange (TASE), Israel, from public shareholders.
The purchase process is required to comply with the Israeli Securities of Law, 1968. As such, IVL and/or its affiliates would be obligated, under the aforementioned regulations, to conduct a tender offer for all of Avgol’s shares (the “Tender Offer”).
The Tender Offer will be at the price of NIS 1.41 per share. The Tender Offer cost is expected to be at the maximum of NIS 142,455,272.28 (USD 37.23 million), or equivalent to approximately Baht 1,336 million.