Tao Tsuot Soars Most in Almost 2 Years on Debt Settlement Offer
Tao Tsuot Ltd. (TAO) soared the most in almost two years 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 33 percent, the most since August 2009, to 0.17 shekel at 2:46 p.m. in Tel Aviv, giving the Petach Tikva, Israel-based company a market value of 50.4 million shekels ($14.6 million). Suny shares dropped for the first time in four days, declining 0.6 percent to 35.79 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.
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