Eli Rozenberg only bidder in El Al's TASE offering

El Al plane  / Photo: Yoav Yaari

The man that parent company Knafaim least wanted to see in charge of the airline is on the way to buying a controlling stake.

Of the three businesspeople bidding for El Al Israel Airlines Ltd. (TASE: ELAL) only Eli Rozenberg submitted a bid for the financially troubled company - the person that El Al's parent company Knafaim least wanted to see take control of the company.

Meir Gurvitz announced earlier this week that he was dropping out of the race and David Sapir who expressed determination yesterday to buy shares at higher than the minimum price did not in the end bid at all.

El Al's share price stood at NIS 0.77.4 at the close of trading, 5.59% above the minimum price for the offering. Rozenberg said prior to the offering that he would buy $101 million out of the $150 million in shares on offer, which would give him a controlling 44.9% stake in the airline.

The government is committed to buying any shares not purchased and then put up 75% guarantees for bank loans of up to $250 million.

en.globes.co.il - on September 16, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

El Al plane  / Photo: Yoav Yaari
El Al plane / Photo: Yoav Yaari
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