AIRPORT CITY, Israel, Sept. 19, 2017 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA),a global construction, infrastructure and real estate company, announced today that, following the immediate report dated September 5, 2017, relating to the negotiations with Dune International, it has also started negotiations relating to the said agreement with funds that are managed by entities that are connected to Apollo Global Management LLC (NYSE: APO).
There is no certainty that the parties will indeed reach an agreement. If a binding agreement will be reached and all the conditions met, the Company will announce it publicly.
The tender offer that was published by the Company on August 20, 2017 is still valid and the Company is committed to it.
ADO, whose shares are traded on the Tel Aviv Stock Exchange under the symbol ADO.TA, is the controlling shareholder of ADO Properties, a Berlin-based company that holds over 20,000 rental apartments and other properties in the city.
Please note - This is not an official translation. In case of discrepancy between the Hebrew original text and the English language translation, the Hebrew version shall prevail.
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; and 6) concessions. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter – "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.
SOURCE Shikun & Binui Ltd.