Elezra Holdings Ltd. (TASE:ALZR.B1), owned by chairman Eli Elezra, has again pulled out of the acquisition of dental chain Shoresh Health Services Ltd. The deal was to have been carried out through Elezra subsidiary ILD Insurance Co. (TASE: ILDH).
Sources inform ''Globes'' that, last Wednesday, Elezra convened Shoresh's employees and informed them that he could not close the deal, unless the courts allowed a stay in proceedings against the company.
Elezra said that he was unable to reach agreement with Shoresh's current owners, Avraham Sinai and Avi Vaknin, and that if he were to ultimately acquire the dental chain, it would be through legal proceedings.
ILD Insurance did not notify the Tel Aviv Stock Exchange (TASE) of these developments.
In January, "Globes" first reported that the deal was in doubt. ILD Insurance was to acquire 50.01% of financially troubled Shoresh at a company value of NIS 20 million. Shoresh's employees have not been paid, and Elezra asked for an extension of due diligence.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2008
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