In a ruling issued late yesterday, the Supreme Court rejected the appeal by Eduardo Ztayn against the Tel Aviv District Court ruling approving the sale of the 82% controlling stake in Discount Investment to a consortium of investors chaired by Mega Or real estate (TASE: MGOR). ), Controlled by Zahi Nahmias. In a unanimous decision, a panel of three judges rejected Elsztain’s arguments against the lower court ruling. RELATED MATERIALS Judge Ofer Grosskov, who wrote the decision, stated that the appeal was clearly dismissed, but added that the ruling was made in light of his awareness of its economic consequences and Elsztain’s distress when seeing his huge investment in Discount Investment go to waste. The Supreme Court decision paves the way for the completion of the deal whereby the giant consortium buys the Discount Investment company for 1.1145 billion shekels in cash, although the deal still requires approval from the Competition Authority, as well as from the Minister of Communications, due to the deduction of the investment stake in Cellcom Israel Ltd. (NYSE: CEL; TASE: CEL). Posted by Globes, Israel business news – en.globes.co.il – February 10, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
Elsztain Loses Appeal of Supreme Court Investment Sale
0 Comments