IDB Development trustee Adv. Ophir Naor has chosen the bid by Rami Levy's BGI Investments (1961) Ltd. (TASE: BGI) for Israir Airlines and Tourism Ltd.. In the report handed by Naor to the court he seeks approval for the BGI bid to acquire Israir and its subsidiaries Sky Deal, Natour and Diesenhaus. RELATED ARTICLES Saudi Arabia grants last-minute approval for Israir Dubai flights Rami Levy, Apax interested in Israel Postal privatization Levy has bid NIS 75 million cash for full ownership of Israir's shares with an allocation of 15,000 regular Israir's shares to IDB, which would retain 20% of equity issued and repaid by the company. 24 months after completion of the deal, BGI would offer to buy the 15,000 shares at a nominal price of NIS 1 per share. The price at the offering would be NIS 1.70, reflecting a company valuation of NIS 130 million, after allocation of the shares. BGI has also committed to forego the $5 million that IDB owes Israir. The deal will be conducted as is as an offer to purchase valid until December 6. In Naor's remarks favoring the bid, the NIS 75 million cash element was mentioned as well as the share allocation and the option of raising the valuation and the trustee also stresses the financial strength of BGI, "whose total cash is higher than the equity required for complying with the Israir acquisition offer and financing the deal." Published by Globes, Israel business news - en.globes.co.il - on December 2, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
