Steimatzky Group is continuing to reach positive milestones with the new buyers’ group. Sources inform ''Globes'' that the company recently received approval from Bank Hapoalim (TASE: POLI) to go through with the deal. The approval is necessary because Steimatzky owed the bank money, and, according to an agreement between the bank and outgoing controlling shareholder Markstone Capital Partners Group LLC, bank approval is necessary for the company to change hands.
The next step for the buyers’ group is to register the company in the company registry. This company will hold 100% of Steimatzky’s shares, and all the entities that are part of the buyers’ group will be associated.
This process is meant to be completed in the coming days. Then, a number of other important procedures will take place, such as appointment of management, and allocating funds for the chain and for television advertising. During this time Eyal Greenberg will also take the position of CEO, replacing outgoing CEO Iris Barel.
If last week it was clear to the buyers that this appointment was temporary, they are now more seriously considering the possibility that Greenberg will be the permanent CEO, and efforts to find other candidates for the position have waned.
Published by Globes [online], Israel business news - www.globes-online.com - on July 7, 2014
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