Phoenix claims it did not approve Excellence's acquisition of some of the activities of Prisma.
Israel Phoenix Assurance Ltd. (TASE:PHOE1; PHOE5) has again cancelled an agreement to exercise options to acquire shares in Excellence Investments Ltd. (TASE:EXCE) from the investment house's founders Roni Biram and Gil Deutsch.
After initially notifying the Tel Aviv Stock Exchange of January 26 that they were cancelling the acquisition agreement, Phoenix agreed in February to an "exceptional compromise" and to reconsider the acquisition.
However, the Phoenix again announced today that the deal was off because Excellence had not sought approval for its recent acquisition of some of the activities of Prisma Investment House Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2009
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