Prisma Investment House Ltd. has opened talks for the sale of its mutual funds, portfolio management business, and exchange traded funds (ETFs) to Excellence Investments Ltd. (TASE: EXCE). The moves come barely a day after Prisma's negotiations to merge its funds with Meitav Investment House Ltd. and Gaon Investment House Ltd. collapsed earlier this week.
Excellence is expected to allocate shares in its mutual funds subsidiary to Prisma in exchange for the assets. No figure has been agreed upon, as the talks are still only in the preliminary stage.
Markstone Capital Partners Group LLC managing directors Ron Lubash and Amir Kess are negotiating on behalf of Prisma, which Markstone owns. Excellence CEO David Baruch is conducting the negotiations on its behalf.
In a notice to the Tel Aviv Stock Exchange yesterday, Excellence stated, "The company is in negotiations with Prisma to reach a deal in which the company or its subsidiaries may acquire the portfolio management, mutual funds, and ETF activity of Prisma. The terms of a deal have not been concluded, including which activities will be acquired. In view of the current stage of the negotiations between the parties, there is no certainty that the negotiations will result in a binding agreement, or what its terms will be."
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009