Scailex Corporation (TASE: SCIX; Bulletin Board:SCIXF) chairman Ilan Ben-Dov is in Hong Kong in his quest to acquire control of cellular operator Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) from Hutchison Telecommunications International Ltd. (NYSE: HTX; HKSE: 2332).
Although Ben-Dov arrived in Hong Kong yesterday to meet Hutchison chairman Canning Fok, crucial discussions about the planned acquisition will not take place until tomorrow, when the details of the deal will be hammered out. At the meeting Hutchison will also be represented by former Partner CEO Amikam Cohen. If agreement is reached a memorandum of understanding (MOU) could be signed tomorrow.
Ben-Dov is now considered the clear favorite to acquire Partner. However, there is still the possibility of Eurocom Group owner Shaul Elovitch making a last minute improved offer, although this is considered unlikely.
Sources believe that Ben-Dov will acquire a controlling stake in Partner be at the market value of the share. Partner's share closed at $17.35 yesterday on Nasdaq, giving a market cap of $2.66 billion. The share fell 0.93% in morning trading to NIS 67.37.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2009
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