The original price of the transaction represented 3-3.3% of assets managed.
Sources inform "Globes" that talks have broken down between Psagot Investment House Ltd. and Direct Insurance - Financial Investments Ltd. (TASE: DIFI) on the sale to Psagot of the Yashir Investment House provident funds.
During the negotiations between the two investment houses, the due diligence process pointed to a revision in the price for the funds. Based on the details, Psagot asked that the price be lowered, and the talks collapsed.
The original price of the transaction was around NIS 180 million, representing 3-3.3% of assets managed.
Psagot declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008