19 September 12 11:34–Nochi Dankner is in advanced talks to sell 10-30% of Ganden Holdings Ltd., through which he controls IDB Holding Corp. Ltd. (TASE:IDBH) for $25-100 million to Eduardo Elstein, IDB notified the TASE today. Elstein is an Argentinian businessman, who owns one of the country’s largest real estate companies. The connection between Dankner and Elstein was made by Rabbi Yeshayahou Pinto.
IDB said, “There are various contracts for an investment in the controlling shareholder, Ganden Holdings, including advanced talks for an investment by a group controlled by Mr. Eduardo Elstein, in which the parties have reached understandings in principle for an investment of $25-100 million, which will give the investor 10-30%, respectively in Ganden.” IDB cautions that no agreement has yet been reached on certain important issues, including a shareholders agreement in Ganden.
IDB added, “If and when the investment agreement is completed and signed, Ganden intends to inject part of the investment proceeds, in an amount yet to be determined, into the company.”
Ganden owns 21.18 million IDB Holding shares, for a 45.87% stake in the company.
In a separate development, IDB subsidiary Discount Investment Corporation (TASE: DISI) notified the TASE today that Midroog Ltd. has put its bonds on the watch list with an A3 rating and “Negative” outlook. Midroog said, “The company is characterized by business and financial weakness, and a sharp reduction in its market cap.” Discount Investment has five bonds traded on the TASE…Read More>>