Dan Goldstein selling Formula holdings to Iscal

Goldstein will receive $25 million in cash and $43 million in Iscal Holdings convertible bonds.

Dan Goldstein is selling all his holdings in Formula to Iscal Holdings, controlled by Rafi Peled and Arie Givoni. The two sides were able to negotiate after Feuchtwanger, owned by Peled and Givoni, acquired control of Iscal Holdings today.

Goldstein will receive $25 million in cash and $43 million in convertible bonds of Iscal Holdings's shares. The convertible bonds can be converted for three years, at $13 per share. Goldstein, who will continue to head Formula, was given a three-year option to become the controlling shareholder of Iscal.

Iscal Holdings will become the major shareholder in Formula. Dan and Gad Goldstein currently control Formula with 15.4% and 2.5% stakes, respectively. Direct Computers is also a party at interest in Formula, with a 5.2% stake. Formula, regarded as Israel's largest software group, is traded on the Tel Aviv Stock Exchange at a company value of $170 million.

Peled and Givoni are rapidly completing a series of acquisitions, culminating in gaining control of the biggest software company in Israel. At the end of last week, Peled and Givoni acquired control of Feuchtwanger for $180 million, through Hayl Holdings, in which they are the controlling shareholders. Today, Feuchtwanger announced it had completed its acquisition of Iscal.

Published by Israel's Business Arena on 29 August, 2001

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ישראל מקוב / צילום: יונתן בלום "תעשיות הפארמה והביומד מאוד איטיות בהריגת פרויקטים. ברגע אנחנו רואים שהסיכוי של הפרויקט להצליח קטן, אנחנו לא מתביישים וסוגרים אותו"

החיים שאחרי ניהול טבע מחייכים לישראל מקוב. ביו לייט מגייסת מיליונים, סאן ההודית "החברה הגנרית מס' 5 בעולם", ואת גיוון אימג'ינג מכר ב"מחיר טוב מאוד"

הרי הגעש אקטננגו ופואגו, אנטיגואה, גואטמלה / צילום: shutterstock חופשה מכשפת בחו"ל: טיול בצל הרי געש בגואטמלה

אנטיגואה שבגואטמלה יפהפייה תמיד, אבל בחג הפסחא היא מתקשטת בשטיחים מפרחים חיים ומנסורת צבעונית, שכמה שעות אחר-כך יירמסו תחת רגליהם של הצועדים בתהלוכות הדתיות המפוארות והצבעוניות ביותר במרכז אמריקה

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