Blue Square Launches Cash Tender Offer

Leading Israeli mass grocery retail (MGR) operator Blue Square has launched a cash tender offer to acquire the ordinary shares in its subsidiary Blue Square Chain Properties & Investments (BSIP). Blue Square currently holds approximately 80% of BSIP's outstanding shares and has offered a total consideration of ILS151mn (US$43.9mn) for the shares. The tender offer will not be completed if 5% or more of the outstanding BSIP share holders do not accept the offer. This is the latest acquisition move by Blue Square, which has recently been on a buying spree, as it looks to strengthen its market position against

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