Connect with us

Hi, what are you looking for?

Jewish Business News


Moti Ben-Moshe to abstain from IDB rights issue

The rights issue today is part of a power struggle between Moti Ben-Moshe and Eduardo Elsztain to control IDB Development.


IDB Eduardo Elsztain and Moti Ben-Moshe


Businessman Moti Ben-Moshe announced last night to the management of IDB Development Corp. (TASE: IDBD) that he would not be realizing the rights, which he will receive today, in the company’s rights issue. Ben-Moshe has already explained in the past that the path IDB is taking does not solve the fundamental problems of either the company or its subsidiaries, and that he would not be participating in the rights issue.

Even so, as part of the agreement on controlling the company between him and Eduardo Elsztain, he will retain the right to purchase half of the shares that the Argentinean is expected to buy in the rights issue.

Please help us out :
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
Thank you.

After the rights issue today, Ben-Moshe’s holding will be diluted to 11-16%, from 31%, but he will retain a position that will allow him to implement measures within the company.

The IDB Development rights issue was given the green light yesterday, after Tel Aviv District Court Judge Eitan Orenstin dismissed all demands to delay the issue. During trading today, it will be possible to purchase shares and options, and those purchases will actually take effect on Tuesday.

The rights issue is meant to inject about $206 million into the coffers of IDB, which currently has a market cap of just about $100 million. Elsztain has already said that he would buy half the shares on offer, putting up to $102 million into the company.

The argument over the rights issue is part of a struggle between Ben-Moshe and Elsztain to control the company. Market sources believe that there is a high likelihood that the rights issue will succeed.


Published by Globes [online], Israel business news –



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...


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


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...

VC, Investments

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