IKEA has already closed the sale of IKEA Israel to Matthew Bronfman. The Co-Op management committee will ask the courts to decide the issue.
Parties interested in buying IKEA Israel will shortly go to Sweden to meet representatives of IKEA, even though information obtained by "Globes" indicates that the sale of IKEA Israel to Matthew Bronfman without a tender is already underway. Bronfman's representatives are currently implying that all attempts to block the deal will fail.
By contrast, the word from the Co-Op Blue Square Consumer Cooperative Society (Co-Op) management committee is that it intends to petition the courts to order what measures should now be taken, and whether a tender should be held. The management committee is trying to conciliate both Co-Op members and other parties interested in buying IKEA Israel who do not intend to let a potential deal slip through their fingers.
200 Co-Op shareholders are demanding a tender for the sale of IKEA Israel, so that other bids can be received, in order to maximize proceeds from the sale of the franchise. Co-Op owns 75% of IKEA Israel. Co-Op's members opposed IKEA's sale of IKEA Israel to Bronfman, after learning about the deal in "Globes". Adv. Moshe Zingel, who is representing Co-Op's 200 shareholders, demanded that the management committee petition the courts so that a tender would be held. He said, "IKEA Israel is one of Co-Op's most successful assets, and there is no reason not to accept offers from other interested parties, even though Bronfman is a respected buyer."
Published by Globes [online], Israel business news - www.globes.co.il - on March 6, 2005