Quick Stats

Quick Stats

    You are here

    Metis Capital Makes Hostile Bid for Fas Mart Parent

    Target is Petro Group Ltd., owner of GPM Investments in the U.S.

    TEL AVIV, Israel -- Metis Capital Ltd. is attempting a hostile takeover of Ameris Holdings Ltd. and its subsidiary, Petro Group Ltd., which owns GPM Investments—the company that operates the Fas Mart and Double Kwik convenience chains in the U.S., as well as concessions to sell fuel to these stations.

    Metis Capital reached a nearly 12 percent holding in Petro Group and also holds 62 percent of Ameris' bonds, according to a report by Globes Online.

    The Israel-based company last week bought 986,141 Petro Group shares. A few weeks earlier, Metis Capital purchased 5.4 percent of the company, and it now owns 1.8 million shares, amounting to 11.7 percent of the company, the report stated. At the same time, Metis Capital bought Ameris bonds and 13.17 percent more of Ameris’ shares, on which Metis Capital had a lien to secure a loan.

    Metis Capital imports and sells vehicles and spare parts. It also has a car rental and leasing business through its 50 percent stake in Subaru importer Japan Auto Ltd. and wholly owned subsidiary Metis Vehicle Ltd., as well as income-producing real estate.

    Ameris and Petro Group were owned by Arcadi Gaydamak until a few months ago when Zwi and Yossi Williger took over the company, exercising their lien on Gaydamak's shares. Petro Group's share price has fallen 80 percent since January.

    • About

    Related Content

    Related Content