Delek to complete Alon takeover.

摘要

Delek US Holdings has announced that it has agreed to buy the remainder of Alon USA Energy—a fellow Israeli energy company operating in the US—which it does not already own for the equivalent of $464MM. Under the deal, Delek is offering 0.504 of its own shares for each outstanding share in Alon. Based on Delek's Dec. 30 closing price of $24.07, the offer values Alon at $12.13 per share, or a total of about $868MM, a 6.6 premium to its Dec. 30 price. If that premium seems small, it should be noted mat Alon's shares are already inflated, having risen by about 32 since Oct., when Delek offered 0.44 of a share for each of Alon's. The company already owns a 47 stake in the smaller refiner; the deal is expected to close in H1 2017.