Rami Levy will acquire Israir for NIS 162 million - Moti Ben Moshe demands a new round of bids

Posted on Dec 31, 2020 by Ifi Reporter

Rami Levy and BGI have already enjoyed an increase in their shares, after IDB bondholders voted by a 75% majority in favor of their offer to acquire Israir for NIS 162 million. However, it now appears that the transaction has been completed. You will be required to cross a legal hurdle.
Dor Alon, controlled by Moti Ben Moshe, which also competed for the acquisition of Israir, has appealed to the Supreme Court of Tel Aviv District Court, headed by Vice President Hagai Brenner, to hold another round of bids for the purchase of Israir - whose shares are encumbered IDB's The second round took place last Monday, and was won by a joint group of BGI, which is controlled by Rami Levy and Shalom Haim, and a private company wholly owned by Rami Levy.
Ben Moshe asked the Supreme Court to order the reversal of Judge Brenner's decision, and to determine the identity of the winner of the tender for the purchase of Israir from the bids submitted on time - that is, by December 14, 2020, or to order the district court to determine this.
Ben-Moshe argued in his motion that Dor Alon's proposal under his control was significantly better than Rami Levy's, adding that Judge Brenner's decision was tainted with a serious internal contradiction. This is because, on the one hand, Brenner rejected the late bid submitted by Yigal Damari - two days after the deadline set by Adv. Dor Alon and the Rami Levy Group, and on the other hand, instead of choosing the winner of the tender from the bids submitted on time, he ordered another round of bids.
Ben-Moshe argued through Adv. Metri that the district court thereby emptied the final procedure of the tender for the acquisition of Israir, and fatally damaged the bidders who complied with the rules of the procedure, headed by Dor Alon.
Ben Moshe mentioned that Adv. Naor chose the best & final bidding method - in which all bidders submit their final and best bids at the same time, knowing that the procedure is finally closed at the time of bidding. He says that this method is based on the assumption Because each of the bidders does not know what the other bidders are offering, and therefore he must give the best bid for him, assuming that he will have no more opportunities to improve his bid.
Ben Moshe stressed that in the case of the Israir tender, Yigal Damari acted in complete bad faith. Although he submitted a bid according to the rules of procedure, after the bids submitted by the other bidders were published, and he realized that Dor Alon's bid was better than his bid, he submitted an improved bid - long after the date set by the trustee, and while the trustee clarified that he was not allowed to do Yes.
Advocate Metri, representing Ben Moshe, mentioned that a ruling that dealt extensively with insolvency proceedings stated that paying consideration to creditors is not everything, and that the creditors 'interest in accepting the highest bid was rejected over the bidders' interests in a fair and equitable proceeding. Advocate Metri argued that the Supreme Court should make it clear that this principle also applies, and even more so, to a method of final bidding, in which there is a special emphasis on the finality of bids - so as not to adhere to the rules, and allowing one participant to bid higher than his bid The original, after being exposed to the other bids, empties the procedure of content and constitutes a very serious violation of the interests of the other bidders who submitted the bids on time.


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