Two extra teams mull bidding for Isracard

The battle to purchase Isracard (TASE: ISCD) has moved up a gear. After Menora Mivtachim Holdings Ltd. (TASE: MMHD) renewed its supply earlier this month to purchase management of the bank card firm, after which WeSure International Tech (TASE: WESR), which owns insurance coverage firm Ayalon, entered the race, there are actually two extra potential bidders contemplating making strikes. The primary is businessman Beny Alagem, who’s mulling shopping for management of Isracard and the second is an try and type a big Israeli retail group based mostly on a cooperative mannequin, which might purchase the bank card firm.

WeSure joins race for Isracard

Menora Mivtachim renews pursuit of Isracard

Harel offers up on buying Isracard

“Globes” has discovered that Alagem (71), who has lived within the US for the reason that Nineteen Eighties, and up to now has tried to purchase the controlling core of Bezeq however misplaced to Haim Saban. Alagem made his cash within the Nineties by founding Packard Bell, one of many greatest laptop producers on the earth, and afterwards invested closely in actual property and telecommunications.

One other mannequin which will emerge could be modern within the native market. Numerous massive retailers might be a part of collectively in a partnership that may purchase Isracard. Retail giants in varied fields have already got collaborations with bank card corporations, permitting membership members to obtain a card that gives advantages to encourage clients to proceed buying with them.

Firms with such in depth retail actions and bank card collaborations embrace FOX, SuperPharm, El Al and Shufersal. Numerous unnamed massive retailers are presently inspecting the potential for shopping for collectively management of Isracard. Such a partnership, of their estimation, would obtain a inexperienced mild extra rapidly from the regulators just like the Israel Competitors Authority, which a yr in the past rejected the takeover transfer initiated by the Harel insurance coverage and finance firm.

There are presently two affords on the desk for Isracard, which has a market cap of NIS 2.7 billion, after its share worth has fallen 11% over the previous yr. Menora Mivtachim has provided to start negotiations to spend money on the bank card firm by a share allocation, which might complete 32% of the corporate at a premium on the present market worth, to be agreed within the talks. WeSure for its half has provided to purchase a 30% controlling stake.

Printed by Globes, Israel enterprise information – en.globes.co.il – on September 26, 2024.