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IDB bows to Elsztain ultimatum: Ben-Moshe ousted

Eduardo Elsztain made further cash injections into IDB Development conditional on him being recognized as sole controlling shareholder.

(L-R) Eduardo Elsztain,   Ben-Moshe

Moti Ben-Moshe has been ousted as chairman of IDB Development Corporation Ltd. (TASE:IDBD), after Eduardo Elsztain made further cash injections into the company conditional on him being recognized as sole controlling shareholder.

IDB Development announced today that, in response to an ultimatum by its bondholders, Elsztain had agreed to bring forward from July to the current month the injection of about $38.5 million into the company that he had previously promised (through an exercise of options), as demanded by the trustee for the bondholders. Elsztain also announced that he was willing to inject an additional about $26 million into IDB in the coming months through a share offering… [READ MORE]

 

Published by Globes [online], Israel business news – www.globes-online.com

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