Gindi Holdings has made a bid for Blue Square Real Estate Ltd. (TASE: BLSR) reflecting a value of NIS 1.8 billion for the company, the highest bid submitted to date. Gindi Holdings, owned by brothers Avi, Roy, Guy, and Menahem Gindi, and their sister, Lital Gindi-Matalon, today submitted an official bid through the Raved, Magriso, Benkel & Co., Advocates & Notaries law firm.
If the Gindi bid is accepted, the company will become a partner with Gindi Investments 1 Ltd. (TASE: GIND.B1) in the Tel Aviv wholesale market project. Gindi Investments is a competitor whose controlling shareholders are Manor and Kfir Gindi, the cousins of the controlling shareholders in Gindi Holdings.
Azorim Investment, Development and Construction Ltd. (TASE: AZRM), controlled by Hershey Friedman, yesterday made a bid for Blue Square Real Estate at a NIS 1.725 billion company value. Lower bids were also made in recent days by Big Shopping Centers (2004) Ltd. (TASE:BIG) and the JTLV fund, owned by Amir Biram and George Horesh.
Financial problems have led Alon Israel Oil Company Ltd. to begin selling its main assets, including Blue Square Real Estate, its subsidiary. Following the growing interest among various concerns in acquiring Blue Square Real Estate since last Thursday, the Blue Square Real Estate share has climbed 17%, thereby increasing its market cap from NIS 1.3 billion to NIS 1.49 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2016
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