For this purpose, Tnuva will spin off its Israeli operations into a subsidiary. Bright Food is seeking to acquire the 56.1% controlling interest in Tnuva from Apax Partners. Mivtach Shamir owns 20.7% of the company and kibbutzim and moshavim own 23.2%, including 7% held by Granot. Apax and Mivtach Shamir jointly acquired control of Tnuva through a joint venture in early 2008. They paid NIS 2.9 billion for 76.7% of the company, at a value of NIS 3.8 billion. Apax is in talks to sell its stake in the company at a value of NIS 8 billion.
Bader and the kibbutzim have previously said that they would consider whether to join the deal or remain as Bright Food’s partner in Tnuva, if an agreement could be worked out. “Let there be no mistake. We do not oppose the sale; we only want conditions that suit us for the management of Tnuva, ” Bader told “Globes” at the time. He is now in China for meetings with Bright Food representatives, following earlier meetings by Shamir.
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The negotiations with Bright Food are taking place at the same time that Apax is preparing for an IPO of Tnuva on the Tel Aviv Stock Exchange (TASE). Tnuva’s board of directors approved the IPO, with the support of Apax’s directors, while the kibbutzim-appointed directors voted against the measure, and Mivtach Shamir’s directors abstained. There has been no subsequent progress on the IPO, and it appears that Apax wants to complete the talks with Bright Food.
Published by Globes [online], Israel business news – www.globes-online.com