Israel’s largest food maker Tnuva is not for sale, its majority owner private-equity firm Apax Partners has insisted.
Apax, which owns 56% of Tnuva, has rebuffed an approach for the business from Mivtach Shamir Holdings, which holds just under 21% of the firm.
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The private-equity firm said Mivtach Shamir had made an offer to buy its majority stake in writing despite having verbal approaches rejected.
“Apax Partners appreciates its partners’ approach, but decided not to further explore the opportunity since Tnuva is not being offered for sale,” the private-equity firm said.
“Apax Partners believes Tnuva is a great company with a tremendous future, and plans to continue to work with the management team and the employees to release its full potential.”
The two companies took control of Tnuva in 2008 in a deal that valued the food company at $989m.
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By GlobalData
