Phoenix share sale halted

Jacob Shachar  photo: Micha Brikman

Sources close to the matter denied that the sale by Jacob Shachar and Israel Kass was halted because of suspicions that inside information had been leaked.

Reports circulated this morning to the effect that the sale of shares in insurance and finance group The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) had been delayed because of a suspicion of a leak of inside information before the share distribution took place. Jacob Shachar and Israel Kass were due to sell Phoenix shares to the tune of NIS 200 million today. The sale, representing 5% of Phoenix's issued share capital, was due to be carried out through an auction in which the minimum price was set at NIS 15 per share and the maximum price at NIS 15.60 per share.

Enforcement sources told "Globes" this morning, however, that they were unaware of any suspicion of inside information in the Phoenix share sale. The sources said that the sale may have been halted because of the company's own internal considerations. A source close to the auction also said that the auction had been properly conducted and that out of its own considerations the company had decided to halt it temporarily at this stage.

Phoenix Holdings has been through a period of uncertainty lately, with controlling shareholder Delek Group Ltd. (TASE: DLEKG) trying to sell control to Chinese concern Yango and Yonel Cohen. Completion of the sale currently depends on receipt of regulatory approvals.

No response was obtainable from Phoenix Holdings.

Published by Globes [online], Israel business news - - on June 19, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Jacob Shachar  photo: Micha Brikman
Jacob Shachar photo: Micha Brikman
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