Meitav Investment House to Take Peninsula Private After Tender Offer
With 7.21% of Peninsula Group shareholders accepting an exchange offer by the July 20 deadline, Meitav Investment House has secured the necessary threshold to trigger a compulsory acquisition. The move will transition the credit provider into a wholly owned subsidiary, resulting in its delisting from the Tel Aviv Stock Exchange.
Meitav, which already held an 88.14% stake in the SME-focused financing firm, offered one of its own shares for every 38.5 Peninsula shares tendered. The transaction involves the acquisition of 26,869,144 shares in exchange for 697,900 Meitav treasury shares. Following the completion of the compulsory acquisition process under Section 337(a) of the Israeli Companies Law, Peninsula will officially be removed from public trading boards.
CEO Ilan Raviv stated that the move is designed to streamline capital utilization and reduce operational costs while strengthening the firm’s foothold in the non-bank credit market. Despite the delisting, Peninsula will remain a reporting corporation due to its outstanding bond series. Meitav, currently Israel's largest investment house with roughly NIS 464 billion in managed assets, expects the consolidation to improve its ability to service small and medium-sized enterprises.
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