Published On: Tue, Jun 23rd, 2015

Ben-Moshe claims he’s IDB Development buyer

Moti Ben-Moshe is refusing Eduardo Elsztain's demand for sole control of the controlling interest.

Elsztain,   Ben-Moshe picture Tamar Matzapi


The Buy Me Buy You (BMBY) procedure for the controlling interest in IDB Development Corporation Ltd. (TASE:IDBD) will not be over in two days; it is likely to continue for weeks, according to an answer sent today by Moti Ben-Moshe to Eduardo Elsztain, his former partner. In his letter, Ben-Moshe states that he is refusing Elsztain’s most recent demand that Ben-Moshe should finish transferring his shares to Elsztain by Thursday.

Ben-Moshe was answering Elsztain’s letter of two days ago, in which he demanded the completion of the BMBY process between them. Elsztain regards himself as having given Ben-Moshe timely notice of his consent to the process, and as therefore being entitled to buy his former partner’s IDB Development shares (14% of the total) at NIS 1.64 a share, making a total price of NIS 152 million…

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