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Israel : Two IDB Bids Left As Elsztain Teams With Ben-Moshe

Creditors must now choose between the Dankner-Granovsky consortium and the Elsztain-Ben-Moshe partnership.


There has been more drama in the battle to gain control of IDB Holding Corp. Ltd. (TASE:IDBH) on the eve of voting by creditors over the debt settlement. Two of the rival bids have teamed up as Eduardo Elsztain’s Dolphin Group has joined Xtra Holdings GmbH headed by Motti Ben-Moshe to form a united front against the Dankner-Granovsky consortium.The significance of this new development is that the creditors vote, which is due to take place tomorrow afternoon, could be postponed.

Creditors will choose between two bids: the consortium led by Ukrainian Jewish businessman Alexander Granovsky (Emblaze Ltd. LSE:BLZ), IDB chairman and controlling shareholder Nochi Dankner, Netz Bonds (2009) Ltd. (TASE:NETZ), the Noiman Group which owns garages,  Neto Melinda Trading Ltd. (TASE: NTML), and Mexican Jewish businessman Daniel Jusidman, and the newly formed Elsztain-Ben-Moshe partnership.

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