IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, today petitioned the Tel Aviv District Court to postpone the date for submitting bids in the tender for acquiring control of the company from Sunday, October 20, to November 30. However, the court only agreed to postpone the date until November 3. The motion was based on an opinion by the court-appointed experts on the matter, Eyal Gabbay and Adv. Hagai Olman, who advised Judge Eitan Orenstein to postpone the deadline for the bids to November 3, after they reached an agreement with IDB to open a limited information room about its subsidiaries.
In a separate development, in a notice to the TASE today, BGI Investments (1961) Ltd. (TASE: BGI), controlled by Alexander Granovsky, said that it will convene a general shareholders meeting at Emblaze Ltd. (LSE: BLZ) on October 30. Granovsky acquired control of Emblaze earlier this year, in order to use its cash reserves to acquire IDB, under a deal with Dankner, for NIS 826 million.
Two offers have been made to date for control of IDB: one by Granovsky with Dankner, and the other by Eduardo Elsztain and IDB bondholders. Two other entities have entered the race in the past month: American Pacific International Capital Inc., in which Neil Bush is a director; and Xtra Holdings GmbH, headed by Motti Ben-Moshe.
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2013
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