IDB tanks as Manor family sells stake

The liquidation of the Manors' stake in IDB is apparently the reason for the 51.7% drop in IDB's share price yesterday.

The Manor family, Nochi Dankner's silent partner in IDB Holding Corp. Ltd. (TASE:IDBH) for the past decade, has sold its entire stake in the company, following its transfer of control to Eduardo Elsztain and Moti Ben-Moshe.

Today, Union Bank of Israel (TASE: UNON) and IDB notified the TASE that, on Tuesday, the Manor family's company, David Lubinsky Assets (Holdings Ltd.) had sold 4.8 million IDB shares held through Manor Holdings BA Ltd. and Manor Investments IDB Ltd. at an average price of NIS 1.97 per share. As a result of the sale, the companies no longer own any IDB shares. The sale totaled NIS 9.5 million.

The liquidation of the Manors' stake in IDB is apparently the reason for the 51.7% drop in IDB's share price yesterday. The share price fell another 12.4% by early afternoon today to NIS 1.27.

It now remains to be seen when Dankner's other silent partner, the Livnat family, will follow suit.

The Manor family controls Union Bank. As part of IDB's debt settlement approved by the Tel Aviv District Court, control of the company will be transferred from Dankner and the Manor and Livnat families, to Elsztain and Ben Moshe after IDB Holding is delisted from the TASE.

The Livnat and Manor families recently reached a settlement on returning NIS 74 million in dividends to IDB, including NIS 55 million in cash.

Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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