Sources inform "Globes" that the sale of Halperin Optics is becoming more and more complex. Real estate company Arazim Investment (TASE: AZRM), which signed a memorandum of understanding to acquire 51% of the optical chain for NIS 31.5 million, has withdrawn from the deal following an inquiry. The unsuccessful deal closely follows another, also unsuccessful, deal for selling the chain to the Elishayov family.
Rabbi Rafael Halpern now plans to either wait for a different suitable partner, or to float the company on the Tel Aviv Stock Exchange by himself. “I demanded that Arazim controlling shareholder and chairman Meir Gurvitz either buy all of the chain, or acquire control, while leaving us to decide on the appointment of managers. I can’t let him manage the chain, because he lacks any knowledge of how to manage an optical chain. He refused to comply with my terms,” Halpern explained.
When asked to whom he would sell the chain, Halpern answered, “I now have seven offers from important businesspeople. It seems that Halperin Optics’ economic position is strong.” The chain’s 72 stores are fully owned, and have an aggregate sales turnover of NIS 120 million.
Halpern wants to go on making management decisions, while relieving himself of the burden of sole responsibility. He is waiting for a suitable buyer to appear, who will accept his terms. “I’ll sell the chain only to someone who shows full understanding of my children; otherwise, I’ll float the company myself,” Halpern stated.
Under the deal outlined with Gurvitz, Halpern would have held the remaining shares in the chain, together with his sons. Shmuel and Moshe Halpern, who currently own eighteen of the chain’s stores, would have merged their activity into the business entity to be owned by their father and the new partner. Another of Rabbi Halpern’s sons, Yaakov, is CEO of Halperin Optics, and a fourth son, David, is CFO. Rabbi Halpern insists that his sons retain their positions after the sale.
Published by Globes [online] - www.globes.co.il - on February 7, 2005