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Tao Tsuot Soars Most in 10 Months on Debt Settlement Offer

July 12 (Bloomberg) -- Tao Tsuot Ltd. soared the most in 10 months after Ilan Ben Dov, the holding company’s controlling shareholder, offered to give Tao 50.01 percent of Suny Electronic Inc. as part of a proposed debt settlement.

Tao Tsuot shares increased 18 percent, the most since Sept. 14, to 0.151 shekel at the 4:30 p.m. close in Tel Aviv, giving the Petach Tikva, Israel-based company a market value of 47.6 million shekels ($13.7 million). Suny shares dropped for the first time in four days, declining 0.3 percent to 35.91 shekels.

Tao Tsuot would own about 57 percent of Suny following the transfer, Tao said in a statement to the Tel Aviv Stock Exchange today.

Ben Dov, Suny’s chairman, owns about 70 percent of the importer and marketer of Samsung mobile phones in Israel, according to Bloomberg data.

To contact the reporter on this story: Sharon Wrobel in Tel Aviv at swrobel4@bloomberg.net

To contact the editors responsible for this story: Shanthy Nambiar at snambiar1@bloomberg.net; Claudia Maedler at cmaedler@bloomberg.net

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