Trustees officially offer Mega for sale

Mega
Mega

Bids for the Israeli supermarket chain's 127 branches must be received by February 23. 

After several exploratory meetings with potential buyers, the trustees of the Mega supermarket chain officially opened the tender for the sale of the chain this morning. The trustees, Adv. Ehud Gindes, Adv. Amir Bartov, and Gabi Trabelsi, CPA, published notices offering for sale by tender 127 branches, of which 13 are under the Zol Beshefa brand, and the Mega customer club, which has some 1.5 million members. The branches are being offered en bloc for a single buyer.

The cost of the tender forms for those interested in buying Mega is NIS 30,000. After signing a non-disclosure agreement, potential bidders will have access to an Internet-based information room providing data on the chain's business that will operate from tomorrow.

Bids must be submitted by Tuesday, February 23, 2016, together with a NIS 40 million bank guarantee.

The opening of the tender is the second part of the operating plan of the trustees, who up to now have sought to stabilize the chain's business. They say that since the chain obtained a stay of proceedings, turnover has steadily improved, and last week met the sales targets in the trustees' plan. They also say that last week's turnover was 35% higher than in the week that the stay of proceedings was granted by the court. The week's turnover is estimated at NIS 50 million.

The trustees report that they set up a "war room" at the chain's head office to provide rapid responses to problems raised by managers in the field, and that this has ensured that there have been no shortages of supply at the branches.

Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2016

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

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