Tene Investment Funds Ltd. will acquire Gadot Chemical Tankers and Terminals Ltd. for $73 million, after submitting the bid in the tender. The other bids were around $70 million. FIMI Opportunity Funds, run by CEO Ishay Davidi, had made a higher bid of NIS 74.5 million, which was disqualified because it was submitted after the deadline.
Gadot Chemical Tankers, founded in 1958, operates through subsidiaries in Europe and Israel to store and ship chemicals. Israel Discount Bank (TASE: DSCT) put the company up for sale, order to recover the loan the bank gave Ampal-American Israel Corporation (Bulletin Board: AMPLQ; TASE:AMPL) to acquire the company for NIS 550 million in 2007-08.
Gadot's bank-appointed receivers were able to get a price higher than the $70 million balance of Discount Bank's loan to Ampal. As a result, the bank, which also directly provided financing to Gadot, will get back the loan in full. The surplus of a few million dollars, will go to Ampal's bondholders, which are owed NIS 920 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2014
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