Harel’s latest offer represents a 22% premium on Isracard’s current share price.
The battle to acquire control of Israel’s largest credit card company Isracard (TASE: ISCD) continues. This morning the board of directors of Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) approved raising its bid to buy 100% of Isracard from NIS 2.934 billion to NIS 3.304 billion.
Menora Mivtachim again improves Isracard bid
Harel signs binding agreement to buy Isracard
Last week insurance and finance company Menora Mivtachim (TASE: MMHD) has submitted a new bid to buy a controlling core of 32% of Isracard at a company valuation of NIS 3.5 billion.
The current share price of Isracard, managed by CEO Ran Oz, is NIS 13.64, so that Harel’s latest offer represents a 22% premium on its current share price.
Published by Globes, Israel business news – en.globes.co.il – on March 19, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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