French businessman Patrick Drahi, who controls Israel’s HOT Telecommunication Systems Ltd via Cool Holdings, has reportedly made an offer to acquire all of those shares he does not currently hold. According to Globes Online, with Drahi currently holding a 69.25% stake in HOT, the businessman has written to the telco’s board with a proposal to offer ILS37 (USD9.19) per share for all outstanding stock in deal which values the company at approximately USD2.7 billion. Noting that the price represented a premium of 12.5% over HOT’s average closing share price in July, Drahi has claimed that the offer represents a good opportunity for shareholders to liquidate their holdings. ‘In the past few months, we have seen significant changes in the telecommunications and media industry, characterised by a more competitive environment and substantial regulatory changes. The industry faces new regulation which creates uncertainty about the competitive framework of the market in the short and medium terms. The latest changes have had a great effect on the way investors perceive this field, and consequently on HOT. We believe that these changes embody an opportunity for Cool, but also many risks that can be better dealt with in the context of private ownership,’ Drahi was cited as saying of the proposals. Cool has reportedly proposed the creation of a new company for the purposes of the transaction, and expects to complete a deal within 30 days of obtaining approval from HOT’s minority shareholders.