Gindi offers Alon Blue Square NIS 240m injection

Menahem, Avi, Lital, Guy, Roy Gindi  Eli Desa
Menahem, Avi, Lital, Guy, Roy Gindi Eli Desa

Gindi Holdings is also willing to pay the Alon Israel Oil Company NIS 115 million for the controlling interest.

Following yesterday's bondholders meeting, Gindi Holdings today submitted a bid for the controlling interest in Alon Holdings Blue Square - Israel Ltd. (NYSE: BSI; TASE: BSI) that includes a NIS 240 million injection into the company, plus NIS 115 million for its current controlling shareholder, Alon Israel Oil Company Ltd. The offer is contingent on reaching a debt arrangement with the creditors acceptable to the Mega trustees.

NIS 180 of the proposed injection will be given as soon as the deal goes through, while the remaining NIS 60 million will be injected within six months of the deal's completion.

Gindi Holdings' business plan also includes the sale of Dor Alon Energy in Israel (1988) Ltd. (TASE: DRAL), which was already being planned by Alon Blue Square. The bid submitted by Gindi Holdings to the banks and the bondholders is valid for 14 days.

Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Menahem, Avi, Lital, Guy, Roy Gindi  Eli Desa
Menahem, Avi, Lital, Guy, Roy Gindi Eli Desa
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