Azrieli Group unit Granite Hacarmel reportedly wants more than the company value of NIS 407 million for the paints manufacturer.
One year after Azrieli Group Ltd. (TASE: AZRG) unit Granite Hacarmel Investments Ltd. (TASE: GRNT) delisted Tambour Ltd., it wants to sell the paints manufacturer, sources inform "Globes." Market sources believe that several companies are in initial talks to buy Tambour.
The paints manufacturer has a company value of NIS 407 million but Azrieli is reportedly asking a higher price.
Granite Hacarmel declined to comment on the reports.
Azrieli is under no pressure to sell Tambour which has a strong brand name and no management problems. This makes it unlikely that a private equity fund will move for the company. Therefore, the belief is that the buyer will be in a related area that will be able to benefit from synergy.
Published by Globes [online], Israel business news - www.globes-online.com - on March 6, 2013
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