Connect with us

Hi, what are you looking for?

Jewish Business News

Business

Neil Bush enters IDB fray

The brother of former US President George W. Bush heads an investor group interested in acquiring Nochi Dankner’s troubled company.

Neil_Bush_4L3C8182

 

/ 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

 

 

 

 

 

Click to comment

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Advertisement