The owners of independent supermarket chain Kol Bo Hazi Hinam Ltd. have entered the highest bid for Vita-Galilee Fruit Ltd. (Vita-Pri Galil) (TASE: VITA) - NIS 105 million, and await court approval of the acquisition. Hazi Hinam is Israel's third largest supermarket chain, with a 5.5% share of the market in financial terms, according to Nielsen Ratings.
Last week, after Vita's creditors failed to reach an agreement on proposals for a creditors' agreement, Bank Leumi (TASE: LUMI) and Israel Discount Bank (TASE: DSCT) asked the court to appoint a receiver for the company, who would sell it as a going concern. Vita's employees launched industrial action in protest.
In September 2008, Hazi Hinam's owners bought Biyamina Winery for $13.5 million.
Vita's share rose 36% to NIS 4.10 by mid-afternoon.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2009
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