The brother of former US President George W. Bush heads an investor group interested in acquiring Nochi Dankner’s troubled company.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
/ By Efrat Peretz /
Neil Bush, the brother of former US President George W. Bush and the son of former US President George G.W. Bush, is heading an investor group that is interested in acquiring IDB Holding Corp. Ltd. (TASE:IDBH), controlled by chairman Nochi Dankner. The group includes investors from the US, China, Hong Kong, and Singapore.
On Tuesday, representatives of the group met with the relevant parties about acquiring IDB. The relevant parties are apparently the IDB bondholder representative and trustees, not Dankner.
Sources close to the group told “Globes” that they were aware of the IDB bondholders’ agreement with Eduardo Elsztain to invest NIS 770 million in IDB. Elsztain has the right of first refusal to any third party offer than is at least 8% higher than his own.
On Tuesday, Tel Aviv District Court Judge Varda Alshech rejected the IDB bondholders’ votes to extend the deadline of Elsztain’s next $25 million payment. He has already deposited $75 million with a trustee.
Bush’s group says that it does not intend to break up IDB, but to ensure that “the company’s businesses will succeed not only in Israel, but also in other countries.” Bush said that the investment in Israel would be the group’s first connection with the country, and that he strongly admired Israel, both in terms of its values and its business.
Published by www.globes-online.com
See all stories on this topic
- Koor Sells More 5.5 Million Credit Suisse Shares
- Nochi Dankner Now Has More Troubles As Israel Securities Authority Recommends Indicting Him
- JT Capital From Hong Kong Deposits $7.7 Million For Israeli Clal Insurance
- On Time : Nochi Dankner And Alexander Granovsky Deposits NIS 70 Million ($19.5 Million) In Cash
- IDB Development Bondholders Approve Elsztain Proposal
- Dankner’s House Of Cards : Pyramids Getting Ready To Tumble
- Thai Conglomerate TCP Group Deposits $20 Million For Israeli Clal Insurance
- IDB Chairman Nochi Dankner Maintains Innocence In Fraud Investigation
- Koor And Dankner Look To Sell Out Of Credit Suisse
- Tender : IDB Sales 27.5% Of Clal Insurance By August 22
- Nochi Dankner Left Alone: Argentine Billionaire Eduardo Elsztain Drops Out Of IDB Investment
- Blavatnik Offers To Buy Rest Of Clal Industries
- Nochi Dankner Posts NIS 3 Million Guarantees To Leave Israel
- Nochi Dankner Sells The Barney’s Building In Chicago For $154 Million
- Elsztain: We Invest For The Long Term In IDB
- Elsztain: We’re Ready To Move Forward Quickly
- The Game Of Dominos: Nochi Dankner On The Ropes. Down But Not Quite Yet Out
- Elsztain Agrees Further Investment In Dankner Cos
- The NIS 150 Million (About $ 43 M) Write-Off For Nochi Dankner’s Ganden