The Baker Tilly International CPA firm states that the proposal by the Dolphin-Eduardo Elsztain consortium for the acquisition of control IDB Holding Corp. Ltd. (TASE:IDBH) is the best offer for the company's creditors, according to a presentation obtained by "Globes".
On Sunday, three bids were filed with the court for the acquisition of control of IDB: by the Nochi Dankner-Alexander Granovsky consortium; by the Dolphin-Elsztain consortium; and by Xtra Holding GmbH of Motti Ben-Moshe.
Baker Tilly says that without the sale of control of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), the bid by the Dolphin-Elsztain consortium reflects a value of NIS 1.05 billion for IDB Holding's creditors, while the bid by Xtra reflects a value of NIS 903 million, and the bid by the Dankner-Granovsky consortium reflects a value of between NIS 822 million and NIS 1.04 billion, depending on which of its alternative bids is considered.
Assuming that control of Clal Insurance is sold, then the bid by the Dolphin-Elsztain consortium reflects a value to creditors of NIS 1.17 billion, Xtra's bid reflects a value of between NIS 820 million and NIS 1.01 billion (depending on the alternative), and the bid by the Dankner-Granovsky consortium reflects a value of between NIS 893 million and NIS 1.15 billion (depending on the alternative).
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013