Psagot Investment House Ltd. owner York Capital Management sent a letter to Apax Partners Israel notifying it that "a week after your violation of the agreement, we consider the transaction terminated."
York essentially told Apax that the agreement to buy York's shares in Psagot was null and void, and that from now on York does not see itself bound in any way to Apax.
York intends to turn to courts next week in a filing against Apax over the violation of the deal.
Apax Partners Israel is led by managing director Zehavit Cohen. York is represented in Israel by Jeremy Blank.
Published by Globes [online], Israel business news - www.globes-online.com - on October 21, 2010
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