(Corrects paragraph 2 to say the offer is at a 16 percent discount, not 8 percent)
Oct 14 (Reuters) - Alon USA Energy Inc's largest investor, Delek U.S. Holdings Inc, offered to buy the smaller refiner in a deal that values the company at about $516 million.
Delek, which already holds about 47 percent of Alon USA, offered 0.44 of its shares for each outstanding share of Alon USA. Based on Delek's closing price of $16.42, the offer works out to $7.22 per share, a 16 percent discount.
Alon's shares closed at $8.60 on Thursday. The company had 71.4 million shares outstanding as of July 25, according to a regulatory filing. (bit.ly/2dbErMo) (Reporting by Arathy S Nair in Bengaluru; Editing by Don Sebastian)