In a ruling handed down late yesterday, the Supreme Court dismissed the appeal filed by Eduardo Elsztain against the decision by the Tel Aviv District Court to approve the sale of the 82% controlling stake in Discount Investment to a consortium of investors headed by real estate company Mega Or (TASE: MGOR), controlled by Zahi Nahmias. In a unanimous decision, the panel of three judges rejected Elsztain's arguments against the ruling of the lower court. RELATED ARTICLES Mega Or wins contest for Discount Investment Elsztain seen raising Discount Investment bid further Eduardo Elsztain: They set me a trap to steal IDB Judge Ofer Grosskopf, who wrote the decision, stated that dismissal of the appeal was obvious, but added that the ruling was made in the awareness of its economic consequences and of Elsztain's distress at seeing his huge investment in Discount Investment go to waste. The Supreme Court decision paves the way for completion of the deal whereby the Mega Or consortium is to buy Discount Investment for NIS 1.1145 billion cash, although the deal still requires approval from the Competition Authority, and also from the Minister of Communications, because of Discount Investment's controlling stake in Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL). Published by Globes, Israel business news - en.globes.co.il - on February 10, 2021 © Copyright of Globes Publisher Itonut (1983) Ltd. 2021
