Sources inform ''Globes'' that the Ma'ariv Holdings Ltd. (TASE: MARV) deal will close this week, and that the parties are due to finalize it tomorrow. Ma'ariv Holdings owns Hebrew daily "Ma'ariv".
The sources said that Zaki Rakib reached a compromise with Bank Hapoalim (TASE: POLI) over Ma'ariv's debt, after the bank presented a larger debt than was originally presented. The sources added that Rakib's discussions with the bank were difficult, and threatened to wreck the transaction. Ma'ariv's debt to the bank, according to the acquisition agreement, was NIS 110 million.
These discussions gave rise to rumors that Rakib was considering withdrawing his offer to become a partner with Israel Land Development Company (TASE: ILDC) and its controlling shareholder, Ofer Nimrodi, in Ma'ariv.
All in all, Rakib is to invest NIS 200 million is part of the deal to own a 44% stake of Ma'ariv. Nimrodi continue to own 44%, and the public will hold 12%.
Ma'ariv's share price was unchanged at NIS 3.68 today, giving a market cap of NIS 92 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010