Eduardo Elstein has not yet provided the receivers of the controlling shares in DSK with the guarantee of NIS 100 million, which they demand as a condition for discussing the proposal he submitted for the purchase of the shares at the conference.
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Calcalist has learned that attorneys Raanan Clear and Alon Binyamini spoke yesterday with Elstein’s representatives in Argentina. The latter demanded a commitment from the lawyers that in the event of a guarantee, the holders would not deduct NIS 70 million from it, which Elstein undertook to transfer to IDB through the Dolphin Fund, which he owns, and which was ultimately not transferred.
Elstein has no chance of accepting any obligation from the bondholders and receivers. However, a development that occurred yesterday in the agreements between Adv. Clear and Binyamini and the IDB liquidator Adv. Ophir Naor, can to some extent play in his favor.
The two receivers of the DSK shares, which are pledged to the 14th series, to which IDB owes NIS 890 million, have reached agreements with Naor, according to which the controlling shares in the DSK will be put up for sale, with a period of only 21 days. Perhaps in return, Naor received the consent of Clear and Binyamini to serve as receiver of 12% of DSK’s shares. The bidders in the tender will receive an option to purchase these shares, which are currently pledged in favor of IDB.
Elstein has already offered NIS 770 million in cash and NIS 138 million within a year for 70.2% of DSKS. In light of the developments, his offer becomes a kind of opening position for additional offers. Its, which stands at NIS 917 million.
To the extent that Elstein will eventually bring the guarantee – a very difficult task in a country that is on the verge Bankruptcy Like Argentina, with restrictions on foreign exchange spending, its chances of acquiring control will be extremely high. In such a case, it will remain with the main asset of the historic IDB, DSC. In addition, there are estimates that Elstein is having difficulty conveying the decision to invest an additional amount in Israel among senior executives of Irsa, the listed company under his control.
DSK’s main assets include 46% of Cellcom’s shares, 74% of Properties & Building’s shares, 45% of Mehadrin’s shares, 61% of Elron’s shares and 70% of Epsilon’s shares.
Another agreement that Claire and Binyamini reached with Naor was to appoint Osnat Hillel Payne as a board member at the DSC.
At the same time, Naor began the process of selling Israir, when it invited bids in an announcement to the stock exchange to purchase 100% of the airline’s shares, which are held by IDB. Naor demanded that the bids be submitted by November 8, together with the manner of financing the purchase and collateral for the bidders’ ability to make it.
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