IDB has received an offer from an unnamed international company for its 49.9% stake at a company value of NIS 4.71 billion.
IDB Development Corp. (TASE: IDBD), controlled by Eduardo Elsztain, notified the Tel Aviv Stock Exchange (TASE) this morning that it had received an offer from an international company to buy its 49.9% stake in Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) at a company value of NIS 4.71 billion - a significant premium on the company's market price.
According to IDB's report, there is no certainty that the offer will develop into a deal. IDB did not disclose any details about the identity of the potential buyer.
All IDB's shares in Clal Insurance are held by Moshe Terry, a trustee appointed by Israel's Supervisor of Insurance, Capital Market and Savings Dorit Salinger who has disqualified IDF from controlling Clal Insurance. IDB is required to sell control of Clal Insurance by the end of 2019 in order to comply with the conditions of Israel's concentration regulations.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Eduardo Elsztain