The Israel-based conglomerate that controls Delek US Holdings plans to sell its shares in the Brentwood-based parent of Mapco and other regional convenience store chains.
The Delek Group’s shelf offering covers all of its nearly 40 million shares, which amount to about 73 percent of Delek US. That means the stake held by Mama Delek – technically, Delek Hungary Holding and Delek Petroleum Ltd. – could soon dip below the 50 percent threshold that makes Delek US a so-called controlled company. Such a move would trigger other changes in Delek US' governance, led by a makeover of its board of directors.
The Delek divisions plan to sell “from time to time” parts of their holdings in Delek US. The Brentwood-based company will not receive any of the proceeds from the sale of shares, which could raise up to $287 million.
The shelf filing has put pressure on Delek US shares today (Ticker: DK) and likely will continue to do so if Delek Hungary and Delek Petroleum sell big chunks of their stock. The average daily trading volume in Delek US shares is about 34,000 shares.