Sources inform "Globes" that the consortia bidding for Partner Communications (Nasdaq: PTNR; TASE: PTNR; LSE:PCCD) have been required to undertake not to trade in shares of the wireless carrier for year, as a condition for entering the information room.
This is the reason that Eurocom, which is bidding to acquire the company, decided not to sign the undertaking and not to enter the information room, since it holds a small quantity of Partner shares.
Eurocom will enter the information room only if it reaches the next stage of the bidding process and its bid meets the requirements of the controlling shareholder in Partner, Hutchison.
Hutchison has asked bidders to submit binding offers for the company by August 5, after which it will decode with which bidder to enter final negotiations.
Meanwhile, European investment firm Permira has reportedly approached companies bidding for Partner enquiring about the possibility of joining them. It is believed that Permira approached Ilan Ben Dov and Eurocom. In the market, it is estimated that FIMI will not remain in the race for Partner because checks it has carried out recently show that, considering the share price, the deal would not be worthwhile for it as an investment fund. Nevertheless, FIMI says it is not dropping out.
Published by Globes [online], Israel business news - www.globes.co.il - on July 29, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009