Theoffer includes a bid reflecting a NIS 2.85 billion value for Clal Insurance.
IDB Development Corporation Ltd. (TASE:IDBD) has received an offer to acquire control of Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), the company reported yesterday. The offer includes two alternatives: a cash bid for 25-30% of the issued and paid-up capital of Clal Insurance and a bid for all of IDB's holdings in Clal Insurance at a price reflecting a value of NIS 2.85 billion for Clal Insurance. The party making the offer states that it is able to pay for the acquisition from its own resources, and requires no external financing.
According to the bid, completion of the deal is contingent on reaching a binding purchase agreement and agreement by the shareholders, and on obtaining permission from the Supervisor of Capital Markets, Insurance, and Savings for control of Clal Insurance. IDB, controlled by Eduardo Elsztain, has summoned a board of directors meeting for the purpose of considering and discussing the offer and the suitable procedure for selling IDB's holdings in Clal Insurance, in view of the bid that has now been received. The bid made is non-binding, and has not yet been discussed by the IDB board of directors.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Eduardo Elsztain