Gadot Chemicals Has Biggest Gain as Parent Offers to Buy Shares
Gadot Chemicals Tankers & Terminals Ltd., an Israeli company that ships and stores oil and liquid chemicals, climbed the most since starting to trade in Tel Aviv after its parent offered to buy the shares it doesn't already own.
Gadot rose as much as 0.94 shekel, or 19 percent, to 5.90 shekels, the largest one-day advance since the shares began trading in December 2003. The stock was at 5.83 shekels as of 12:12 p.m. local time.
Merhav-Ampal Energy Ltd. offered to buy the remaining 20.7 percent of Gadot at 5.798 shekels a share, a 17 percent premium over the closing price yesterday, according to a statement issued to the Tel Aviv Stock Exchange today. The deadline for investors to sell the stock to Merhav-Ampal is Aug. 5.
Merhav-Ampal, which boosted its Gadot stake last month to about 79 percent through a tender, also offered to buy Gadot convertible bonds at 1,642 shekels each.
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