Sources inform ''Globes'' that Sheldon Adelson is negotiating to buy Hebrew daily “Ma’ariv”. Ofer Nimrodi is believed to have asked Adelson to make an offer for the newspaper, and the parties have reportedly exchanged preliminary documents.
The offer is for the all shares in Ma'ariv Holdings Ltd. (TASE: MARV), which is owned by the Nimrodi-controlled Israel Land Development Company (TASE: ILDC) with a 61.7% stake; Vladimir Gusinsky (27.2%), Ofer Nimrodi (1.1%), and the public (9.9%). If a deal is closed, Adelson plans to delist Ma’ariv Holdings from the TASE.
Two weeks ago, Nimrodi also asked Arcadi Gaydamak to buy Ma’ariv. On Friday, Hebrew-daily “Yediot Ahronot” correspondent Nahum Barnea reported that Gaydamak rejected Ofer Nimrodi’s proposal.
Gaydamak told Barnea, “I didn’t want to buy ‘Ma’ariv’. They approached me; I didn’t approach them. I would have two possible motives for buying a newspaper: either for the business, or to make a name for myself. ‘Ma’ariv’ isn't a good business, and my name is already known. So I told them that it didn’t want to buy it.”
Nimrodi is asking for a company value of $250 million for Ma’ariv Holdings, a considerable premium over its $100 million market cap.
Published by Globes [online], Israel business news - www.globes.co.il - on October 30, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006