The Companies Authority this evening (Tuesday) gave Eli Rosenfeld, the son of Kenny Rosenberg, an American Jewish businessman, the permission to acquire El Al. On behalf of Rosenberg, it was stated: “I thank the Companies Authority for the professional and in-depth examination. And now the moment of truth has arrived – my offer is the only way to rehabilitate EL AL and march to the place it deserves. “Against the inflow of NIS 260 million ($ 75 million) in favor of the company and the people of Israel who are begging for the national airline to be strong and stable.”
As you may recall, last month it was announced that the board of directors of EL AL had received an official offer to acquire the airline Mali Rosenberg. Rosenberg is reportedly willing to pay $ 75 million for 45% of El Al shares. In a letter sent to the board of directors by the law firm “Shevalat”, it was stated that “we believe that all parties related to El Al have a great interest in the execution of the transaction, because it is an ‘order of the hour’ in the existing circumstances.”
According to Rosenberg’s proposal to the board of directors, the acquisition will be made through an Israeli company he owns, and will most likely be made immediately, before an IPO procedure is implemented that is part of the aid outline chosen by the board of directors.
The amount offered for purchase was determined at a value of $ 95 million to the airline, 5% more than its value on the stock exchange. The proposal, which was forwarded to the members of the Board of Directors, states that it will immediately improve the capital structure of EL AL, by allowing it to flow funds immediately.