Alex Sapir fails to take control of
ASRR Capital in stock buyout

The CEO offered to buy 19% of public shares for $15M

TRD NEW YORK /
Jul.July 27, 2017 01:40 PM

ASRR Capital’s Alex Sapir

Alex Sapir, head of the Tel Aviv-based ASRR Capital, failed to take control of the company through a buyout Wednesday, and remove the company from the Tel Aviv Stock Exchange.

Sapir, who has an 81.8 percent stake in the company, offered to buy out the remaining public shares for $15 million, but failed to garner the 95 percent demand required for the buyout to go through, Israeli newspaper Maariv reported.

ASRR Capital, a publicly traded company in Israel with holdings in the United States, was led by both Sapir and Rotem Rosen until June, when in a surprise move Sapir bought out his partner’s 40.5 percent stake in the company. That put Sapir’s stake at 81.8 percent, with the remaining 19.2 percent held by a variety of institutional and private stockholders.

Sapir initially offered .98 of the par value per share, then upped it to 1.8 a week later for a total of $15 million. According to the terms of the offer, Sapir can’t try again for at least four months.

ASRR’s stock price had jumped 23 percent in the two weeks since the announcement of the potential buyout, and fell 6 percent after the offer was blocked.

ASRR is behind a mixed-use project in Miami’s Arts & Entertainment District, a townhouse conversion on Madison Avenue, and recently teamed up with several Israeli partners for a residential project in Surfside.  Sapir, through the Sapir Organization, has additional holdings in New York, including the Mondrian Soho hotel.

ASRR was not immediately available for comment. [Maariv]  — Chava Gourarie


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

arrow_forward_ios
Loading...