Tower Vision owners turn down $700m offer

The company operates cellular antenna sites in India.

Sources inform "Globes" that Tower Vision Ltd., which develops and operates cellular telecommunications sites, and among whose shareholders are brothers Moshe and Eli Shoshan and Meir Shamir, received an acquisition offer worth $700 million a month ago.

Moshe Shoshan, chairman of the Fore Group, and the moving spirit behind Tower Vision, rejected the offer, and made clear to the would-be buyer, an Indian company, that Tower Vision was not for sale. However, it is believed that two other entities have recently expressed interest in the company and are considering bidding for it.

The offer brings home the fact that Tower Vision is one of the most successful telecommunications companies t have come out of Israel. Fore Group owns 34% OF Tower Vision; Jarvinia, in which Meir Shamir's Mivtach Shamir has a 35% stake, owns 11%; investment fund RP Capital owns 8%; and US investment fund Quadrangle Capital Partners owns 31%.

Tower Vision has about 6,000 sites in India, which has a burgeoning mobile telephony market. Each site can accommodate six tenants. The company aims to have 10,000 sites by the end of the year.

According to reports in the Indian press, Quadrangle Capital Partners is keen to sell Tower Vision.

Published by Globes [online], Israel business news - www.globes-online.com - on January 19, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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