Eduardo Elsztain has no intention of giving up control of Discount Investment Corporation (TASE: DISI) without a fight. The former controlling shareholder has submitted a NIS 950 million bid to the receiver of Discount Investment and the trustee of its parents company IDB Development. Elsztain has offered NIS 950 million for a 70.2% stake in Discount Investment and has desposited NIS 95 million with Bank Leumi (TASE: LUMI). The bid equals the offer from a group of investors headed by real estate company Mega Or. RELATED ARTICLES Eduardo Elsztain: They set me a trap to steal IDB Mega Or raises Discount Investment offer Elsztain bids to buy IDB's Discount Investment stake Elsztain loses IDB as court appoints trustee Elsztain made the offer through Yad Leviim, a private company that he fully owns rather than Dolphin, the former controlling shareholder in IDB and Discount Investment, which is controlled by Elsztain'sa publicly traded real estate company IRSA (NYSE: IRS). The auction to buy Discount Investment will remain open until November 4 and the parties will be allowed to increase their bids. At the end of the auction the receiver will decide to whom to sell the shares and seek court approval for his decision. The winning bid will not necessarily be the highest bid. As part of Mega Or's bid, the receiver agreed that rival bids must be NIS 40 million higher of which NIS 15 million will be paid to the company in compensation. But Elsztain opposes this agreement. Mega Or has also offered to buy an extra 12.1% of Discount Investment for NIS 164.5 million. Elsztain is not expected to match this part of the bid. Published by Globes, Israel business news - en.globes.co.il - on October 27, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
