The Capri Family Foundation Commences Second Cash Tender Offer for Optibase Ltd. (Nasdaq: OBAS)
The Capri Family Foundation announced a cash tender offer to purchase 941,942 shares of Optibase Ltd. (Nasdaq: OBAS) at $11.60 per share. Capri currently holds approximately 81.9% of Optibase's shares. This offer, set to expire on March 17, 2022, is lower than the closing price of $11.75 on February 14, 2022. A previous offer to buy shares at $11.20 in December 2021 did not meet the minimum condition. The tender offer is not contingent on financing or board approval and includes important tax considerations for shareholders.
- Capri currently owns approximately 81.9% of Optibase, which strengthens its control over the company.
- The tender offer provides an opportunity for minority shareholders to sell their shares.
- The offer price of $11.60 is below the recent trading price of $11.75, which may deter shareholders.
- The previous tender offer at $11.20 was unsuccessful, indicating possible shareholder reluctance.
TEL AVIV, Israel, Feb. 15, 2022 /PRNewswire/ -- The Capri Family Foundation ("Capri") announced today that it has commenced a cash tender offer to purchase 941,942 ordinary shares of Optibase Ltd. ("Optibase") (Nasdaq: OBAS) (TASE: OBAS) for
The bidder group, of which Capri is a part, currently owns 4,256,419 ordinary shares of Optibase, representing approximately
On February 14, 2022, the last U.S. trading day before the announcement of the offer, the closing sale price per Optibase share on Nasdaq as reported by Nasdaq was
The tender offer is scheduled to expire at 10:00 a.m., New York time (5:00 p.m. Israel time), on March 17, 2022, unless extended by Capri.
The tender offer is subject to a minimum condition, which Capri will not waive. The offer is subject to customary additional conditions specified in the Offer to Purchase relating to the tender offer. The tender offer is not conditioned on the receipt of financing or on the approval of the board of directors of Optibase.
The tender offer follows a prior similar offer, commenced by Capri on December 1, 2021, to purchase Optibase shares at
The complete terms and conditions of the tender offer, including important U.S. and Israeli income and withholding tax considerations relating to the tender offer, are contained in the Offer to Purchase included as an exhibit to the Tender Offer Statement on Schedule TO filed today with the U.S. Securities and Exchange Commission (the "SEC") and with the Israel Securities Authority ("ISA"). American Stock Transfer & Trust Company is the U.S Depositary for the offer and Israel Brokerage & Investments - I.B.I. - Ltd. is the Israeli Depositary for the offer.
Important Information: This is not an offer to buy or the solicitation of an offer to sell any ordinary shares of Optibase. The tender offer that is described in this press release will only be made through the Offer to Purchase, Letter of Transmittal and related tender offer documents. All shareholders of Optibase should read the tender offer materials which are being filed today by Capri. Shareholders of Optibase should read the tender offer materials because they contain important information about the tender offer. The tender offer materials and other filed documents will be available at no charge on the SEC's website at http://www.sec.gov and on the ISA's website at http://www.magna.isa.gov.il, and will also be made available without charge to all shareholders by contacting D.F. King & Co., Inc., the information agent for the tender offer, at (800) 829-6554 or (212) 269-5550 (banks and brokers). Shareholders are urged to read these materials carefully before making any decision with respect to the tender offer.
About Capri: Capri is a foundation organized under the laws of the Republic of Panama.
The Information Agent in the offer is:
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
(800) 829-6554
(212) 269-5550 (banks and brokers)
optibase@dfking.com
View original content:https://www.prnewswire.com/news-releases/the-capri-family-foundation-commences-second-cash-tender-offer-for-optibase-ltd-nasdaq-obas-301482469.html
SOURCE Capri Family Foundation
FAQ
What is the cash tender offer price for Optibase Ltd. shares?
When does the tender offer for Optibase shares expire?
Who is behind the tender offer for Optibase Ltd.?
How many shares of Optibase is Capri offering to buy?