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York, Apax resume Psagot sale talks

28 Oct, 2010 10:34
שלח תגובה במיילEran Peer

The parties secretly resumed talks, as the investigation into Psagot moves forward.

Sources inform ''Globes'' that Apax Partners executives in London have persuaded York Capital Management LLC managers in New York to return to the negotiating table over York's sale of Psagot Investment House Ltd., despite objections by York's Israel representative Jeremy Blank. Apax also persuaded York to give it an extension to reach a plea bargain with the Israeli prosecutors.

Channel 2 News said last night that the negotiations over Apax's acquisition of York's controlling interest in Psagot have resumed, two weeks after the deal broke down amid mutual recriminations and accusations. A deal may now be close.

Last Wednesday, York notified Apax in writing that a week after what York said was Apax's breach of contract, York considered the deal for Psagot as terminated.

Nonetheless, the parties secretly resumed talks, as the investigation into Psagot moved forward. This investigation was the main stumbling block in the sale of the investment house. A plea bargain in the works will apparently not include a criminal indictment against Psagot, which will pay a NIS 150 million shekel fine and remove Psagot CEO Roy Vermus and Psagot Securities CEO Shay Yaron from their posts.

Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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