Zaki Rakib is due to acquire 30% of the newspaper and publisher.
Israel Land Development Company (TASE: ILDC) has today reported that the closing of the acquisition of 30% of subsidiary Ma'ariv Holdings Ltd. (TASE: MARV) by Zaki Rakib has been pushed off by six weeks, until May 18. During the extension period, Rakib is due to complete his due diligence on the newspaper and publisher.
In late February, high-tech millionaire Zaki Rakib signed a letter of intent to acquire the stake in Ma'ariv from Israel Land Development, controlled by chairman Ofer Nimrodi, for $15 million in two stages. Rakib will replace Nimrodi as Ma'ariv's chairman, although Nimrodi will continue to serve as CEO.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2010
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