Opko Health, one of the largest companies traded on the Tel Aviv Stock Exchange, with a market cap of NIS 6.1 billion, has withdrawn its application to delist from the exchange. The company announced its intention to delist a few weeks ago. US-based Opko, founded and headed by former Teva chairman Phillip Frost, is also traded on Nasdaq. It listed in Tel Aviv in 2013 when it acquired Israeli company Prolor Biotech for $480 million in a share swap deal .
The reversal of Opko’s decision to delist is apparently a result of pressure by the Tel Aviv Stock Exchange management and also of the market’s reaction. Since the delisting announcement, the company’s share price has remained unchanged despite share purchases by Frost. The removal of the share from Tel Aviv Stock Exchange indices after delisting was liable to depress its market cap. It is now not clear what will happen as far as the company’s inclusion in the indices is concerned, since the Tel Aviv Stock Exchange has already announced its removal.
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Published by Globes [online], Israel business news – www.globes-online.com – on April 29, 2018
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Article source: http://www.globes.co.il/en/article-opko-health-to-remain-on-tase-1001233396