Brothers Biram and Avi Levy are keeping an eye on DSK, Elstein is looking for a partner


Eduardo Elstein, who lost control of IDB Open after the court this week ordered its transfer to liquidation, launched attempts to find a financial partner to submit a bid for the acquisition of DSCS. Talk to some bodies about coping. DSK is concentrating a lot of interest in the presence of more than NIS 2 billion in its coffers, NIS 2 billion in the coffers of the subsidiary Properties and Building and its holdings: the HSBC building, which is worth a billion dollars and a third of the seafront.

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Elstein pre-set DSK as a target in the historic IDB Group, which he acquired from Nochi Dankner. “70%. D.

Elstein’s move will now be more difficult. He will have to compete in a competitive tender, and he has something to lose: if joint venture Ophir Naor wants to sue him personally, he will have to migrate to Argentina. If he owns property in Israel, such as DSK, Elstein may encounter foreclosure orders against them. It is likely that he will not give up this option now, but until the issue closed, his people did not make a new contact with the 14th series.

DSK’s share jumped more than 18% yesterday, which translated as joy in the market for Elstein’s exit from the picture. Among the holders of Series I there is a consensus not to keep DSK’s CEO Doron Cohen in office: “He was behind all of Elstein’s problematic proposals for a settlement . He is completely identified with Elstein and all Elstein people should be moved, and certainly him. Leaving him in the role is a joke, “said a major figure in the series.

There were voices in the IDB environment saying that it was not at all clear whether Elstein would return from Argentina: “There is a price to be paid for the DSK. He put billions here and got rotten tomatoes. “It is not certain that he has a desire to return to Israel,” said those around her. If so, Elstein’s return is in question.

The first of those interested is the Cypress Foundation, which is trying to form a group that will compete for the acquisition. The fund of Gil Deutsch and Roni Biram, managed by Amir Efrati, has holdings in both series 14 and series T. The fund leads to a situation in which it will not be possible to advance a move without series T.

Another factor is Lahav El Ar, controlled by former Melisron CEO Avi Levy and Eli Lahav. The company competed for the acquisition of Delek Israel, but in the end Delek Group contacted the Arbel Fund. And a building is a second and third tier for it – a purchase prohibited by the Centralization Law.

Solutions to the issue of centralization include merging DSKS and Properties and Building, an event that is no longer a stakeholder transaction. We will also consider adding a private partner to Lahav, who will be defined as the controlling shareholder and hold at least half of the shares acquired. fuel.

The JTLV2 fund of Amir Biram, Ariel Rotter and Shlomo Gutman, has been examining the acquisition of control of properties and building for several weeks. It may connect with other entities that are keeping an eye on the other DSK assets. In such a case, a situation will be created in which Roni Biram’s actions in the Brosh Fund help his brother Amir Biram in the real estate fund acquire the attractive real estate holding of IDB Open.

From the right: Eduardo Elstein, Roni Biram, Amir Biram and Avi Levy
From the right: Eduardo Elstein, Roni Biram, Amir Biram and Avi Levy Photos: Uriel Cohen, Kfir Sivan, Tommy Harpaz, Aviv Abramov

Elstein will try to reach a Bezeq settlement with YD holders, but the chances are slim. A Bezeq settlement with another bidder may be possible for purchase. If Series YD decides to sell control of DSK for NIS 900 million, its debt amount, and demand to exhaust a procedure to obtain Higher price – there may be a confrontation with the holders of the ninth series.

The temporary receivers of the controlling shares in DCS are working to appoint new directors in the company and to replace Elstein in the subsidiaries, primarily as CEO of Assets and Construction. In order to interfere in property and building, the convenors must appoint directors at DKSH instead of Elstein and his people – a difficult step in being temporary, and for that they must be appointed permanent convenors, a process that can take two to three weeks. ZIM of DSK and of Properties and Building. The only company in which the receivers will not intervene on the board is Cellcom, given the need for a control permit that they do not have.

IDB’s board of directors and CEO Aharon Kaufman left their positions yesterday, at Naor’s initiative. Naor asked for and accepted Ami Barlev as an admirer who would assist him in his work. Barlev advised property and building executives and previously served as Eurocom’s legal counsel.

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