The joint bid for control of IDB Holding Corp. Ltd. (TASE:IDBH) by Eduardo Elsztain and Motti Ben-Moshe is gathering momentum. After the IDB bondholders representative formally announced that it favors their offer, sources inform ''Globes'' that 70% of the private bondholders who hold bonds with a par value of NIS 100 million also support Elsztain's bid over the bid by the Nochi Dankner-Alexander Granovsky consortium. The private bondholders are represented by Ohad Aloni, who established the Association for the Protection of the Public's Savings.
"We gave the bondholders freedom to vote. I took no personal position on how I will vote, and it was not disclosed. Large and small bondholders alike voted in favor of the Elsztain-Xtra bid," Aloni told "Globes".
Aloni said that there had been a reversal in the position of the bondholders whom he represents. Previously, a large majority of bondholders had favored the Dankner-Granovsky bid. "The current expert report states that the economic substance of the two offers has greatly narrowed. As of now, it seems that the certainty of the Elsztain-Ben-Moshe bid, which gives more money to the trustee and is also unaffected by the concentration in the economy law, in contrast to the Dankner-Granovsky bid, caused the reversal in the private bondholders' position," he said.
Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013