Phoenix insists it is prepared to honor its agreement to buy the shares of Biram and Deutsch if they are given access to the company's books.
Adv. Ram Caspi, who represents Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) controlling shareholder Yitzhak Tshuva, today informed Excellence Investments Ltd. (TASE:EXCE) founding shareholders Roni Biram and Gil Deutsch that the deal to buy their shares is back on again. However, Caspi insisted that for the acquisition of their 40.88% holding in the company to go ahead, his auditing team must be given access to Excellence's books.
Caspit told Globes, "Pheonix will implement the agreement to the letter. Period. Providing we have access to the company's books then our cancellation of the deal will be put of and we will work towards fulfilling the agreement."
Published by Globes [online], Israel business news - www.globes-online.com - on February 1, 2009
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