The buyers will inject NIS 30-50 million into Steimatzky for all its shares.
Office supplies chain Kravitz Ltd. today announced that it has teamed with Arledan Investments Ltd. (the owner of Keter Publishing House Ltd.) in the negotiations to acquire bookseller Steimatzky Group. They will begin due diligence on Steimatzky on Sunday.
The buyers will inject NIS 30-50 million into Steimatzky for all its shares. The full proceeds will stay in Steimatzky to meet its debts and commitments. Steimatzky's owner, Markstone Capital Partners Group LLC, will assume its debts and will receive no payment for the shares.
Sources at Arledan and Steimatzky told "Globes" that they preferred to enter into negotiations to acquire the bookseller now, before it ends up in a stay of proceedings, which would make it harder to rehabilitate the company.
Published by Globes [online], Israel business news - www.globes-online.com - on April 24, 2014
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