Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) subsidiary Bezeq International, which owns 34.2% of Internet portal Walla!, is suing publisher Haaretz Group Ltd. over Haaretz's talks to sell its stake in Walla!
Haaretz, led by Amos Schocken, owns 32.6% of Walla! Bezeq Internetional claims that their agreement prohibits Haaretz from selling its stake without prior authorization from Bezeq International. Bezeq International claims that Haaretz has maliciously reneged on the agreement.
There are currently four groups interested in buying Haaretz's stake in Walla! Disney family-owned Shamrock Holdings; Tiger Holdings; private equity fund SKY, led by Nir Dagan and Zvi Yochman; and Cybele Holdings, headed by CEO Shachar Saidon.
In the meantime, Cybele has apparently withdrawn its offer. CEO Shachar Saidon confirmed the move, saying, "Cybele did make a proposal, in which we demanded a non-shop clause, and to meet with Bezeq representatives, as a condition of continuing the process. In light of the fact that Haaretz expressed difficulty in meeting our requests, we withdrew our offer."
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2009
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