Alfred Akirov Advances Alrov Delisting Bid in Push for Clal Control
Alfred Akirov is advancing his plan to delist Alrov Properties from the Tel Aviv Stock Exchange through a tender offer worth up to 788.4 million shekels. The move aims to bypass regulatory hurdles and bring him closer to controlling Clal Insurance.
Businessman Alfred Akirov is advancing his plan to delist Alrov Properties and Lodging from the Tel Aviv Stock Exchange, bringing him a step closer to his long-standing ambition of gaining control of Clal Insurance.
The full prospectus for the tender offer was published on Tuesday, stating that minority shareholders can respond to the offer until October 28 at 14:00. Akirov Holdings and Akirov Investments and Development seek to acquire 2,445,424 Alrov shares, representing about 11.87% of its share capital, excluding dormant shares. The offered price stands at 322.41 shekels per share, with total consideration reaching up to approximately 788.4 million shekels. If completed, Alrov will be delisted and become a private company, although it will remain a reporting corporation as long as its bonds are held by the public.
Akirov enters the offer with significant backing: More Investments, holding about 1.227 million Alrov shares, has announced its intention to accept the offer for its entire holding. This accounts for about half of the offered shares, though additional acceptance is required.
The Clal Insurance Ambition
Behind the attempt to delist Alrov is Akirov's ongoing struggle for control over Clal Insurance. According to stock exchange data, Alrov holds 11,476,138 Clal shares, representing about 14.2% of its capital, with a market value of approximately 3.12 billion shekels. Alrov is the largest shareholder in the insurance company, which has operated for years without a controlling shareholder.
Akirov, who serves as Alrov's chairman, has faced regulatory hurdles, primarily concerning the Concentration Law and restrictions on the pyramidal structure of public companies. Acquiring control of Clal through Alrov under the current holding structure could create a three-tier pyramid, which is prohibited.
"Turning Alrov into a private company could grant Akirov the flexibility to explore a new holding structure, potentially transferring Clal Insurance shares to a private entity within the group," financial analysts noted.
Financial Performance and Market Outlook
Alrov's investment in Clal Insurance has contributed to its profits in recent years amid rising insurance stock prices. However, capital market volatility impacted its results: in the second quarter of 2026, the company posted a net profit attributable to shareholders of about 120 million shekels, a 78% drop compared to the same quarter last year.
For minority shareholders, the offered price reflects a premium of about 2.29% over Alrov's closing price on October 12, but a 21.8% premium compared to the share price before the initial announcement in late September.
