Moti Ben-Moshe made an offer to the board of Alon Blue Square, “Globes” revealed on Monday. The NIS 815 million offer is “fully self-funded and does not depend on raising capital,” said sources close to Ben-Moshe.
The businessman tossed his hat into the ring after considering the notion for several days, joining Gad Zeevi and Gindi Holdings.
Ben-Moshe and Eduardo Elsztain took over IDB Development at the beginning of 2014, as part of a debt settlement managed by the courts; however, shortly after the ad-hoc partnership began, it became a burden, and the pair developed major disagreements over the running of the company.
In September 2015, Judge (ret.) Amiram Benyamini, the arbitrator in the dispute, ruled that Elzstain would acquire Ben-Moshe's shares for NIS 152 million, thereby becoming the sole controlling shareholder in the company.
The arbitrator’s decision left Ben-Moshe - who has yet to turn 40 - with an unbelievable NIS 530 million loss on the IDB investment within less than a year and a half.
Ben-Moshe is far from the only name floated as a potential buyer for Alon Blue Square; on Sunday, Hagai Shalom - who owns the controlling stake in Tiv Taam - was also raised as a possibility, but only Gad Zeevi and Gindi filed official offers.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2016
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