The cancellation of the deal between Ilan Ben-Dov and Hutchison yesterday for the acquisition of Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) has opened the door Lapidoth Israel Oil Prospectors Corporation Ltd. (TASE: LAPD) controlling shareholder Yaakov Luxembourg who is working to form a group investors to take control of the cellular carrier.
As far as is known, the group being formed includes Luxembourg's old friend IBI Funds Management (1978) Ltd. CEO Yoav Kaplan. Both Luxembourg and Kaplan declined to comment on the report.
At the end of July, "Globes" revealed that Luxembourg, through Lapidoth has purchased bonds of Suny Electronics Ltd. (TASE: SUNY), which is controlled by Ben-Dov, and of its subsidiary Scailex Corporation (TASE: SCIX; Pink Sheets:SCIXF) through which Ben-Dov controls Partner, and the company also imports NIS 35 million of Samsung end-user equipment annually.
The capital market found it difficult to explain what Luxembourg was aiming at whether taking control of Partner and the Samsung import business or just seeking reduced price bonds, which he could later sell at a profit. When Partner and Hutchison signed their deal in June, it just looked like Luxembourg would be satisfied with an improved profit on his investment, but following the cancellation of the deal on Tuesday, it seems that his intentions have changed.
Published by Globes [online], Israel business news - www.globes-online.com - on August 22, 2012
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