Mega's trustees have told the court that Yeinot Bittan's bid for the supermarket chain is the best of six bids received.
In a surprise development, the Yeinot Bittan supermarket chain, owned by Nachum Bittan, looks set to buy the financially troubled Mega supermarket chain. Mega's trustees have recommended to the court that it accepts the bid from Yeinot Bittan from the six bids that were received. The trustees revealed that Yeinot Bittan has bid NIS 275 million for the Mega chain.
The trustees received six bids to buy Mega as an entire concern, all of them substantial improvements on the bids first submitted when the sale process began. The bids included agreements to manage talks with the Histadrut (General Federation of Labor in Israel) and Mega's workers committee and continue employment them with a long-term collective agreement. In addition, Yeinot Bittan's bid includes purchasing Mega's inventory, which has an estimated value of NIS 130 million.
The trustees said that Yeinot Bittan's bid was the best of the six in virtually every criteria.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2016
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