Published On: Sun, Jan 5th, 2014

Nakash Brothers Desert Dankner’s Sinking Ship As Court Approves Rival Proposal For IDB

The Nakash brothers had pledged NIS 250 million ($71.5 million) . Last week the Williger brothers signalled they were on the way out.

FROM RIGHT: Avi ,   Joe & Ralph,    Nakash Brothers

FROM RIGHT: Avi , Joe & Ralph, Nakash Brothers

The Nakash brothers may leave the Nochi Dankner-Alexander Granovsky group following today’s decision by Tel Aviv District Court Judge Eitan Orenstin to reaffirm his previous decision to approve the offer by Eduardo Elsztain and Moti Ben-Moshe for IDB Holding Corp. Ltd. (TASE:IDBH), after the review of the sources of Ben-Moshe’s capitalLast week,  G. Willi-Food Investments Ltd. (TASE:WLFD), controlled by the Williger brothers, withdrew their loan to the Dankner-Granovsky group, signaling that it was on the way out.

In addition to the Williger brothers and the Nakash brothers, the Dankner-Granovsky group includes the Noiman family, who controls Neto ME Holdings Ltd. (TASE;NTO), who pledged to inject NIS 120 million (440 million) ; Netz Group Ltd. (TASE:NETZ), which pledged NIS 65 million; and Mexican-Jewish philanthropist Daniel Jusidman, who pledged NIS 90 million. The Nakash brothers had pledged NIS 250 million.

Dankner and Granovsky promised to invest NIS 500 million through a new company that they would found for the investment in IDB. Most of the money would come from Emblaze Ltd. (LSE: BLZ), which Granovsky acquired several months ago through BGI Investments (1961) Ltd. (TASE: BGI).

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