Africa Israel suitor Saidoff raises offer to ILS 505m
07 JUL 2017
Saidoff Group, which Naty Saidoff leads, announced it improved its offer to buy the Israeli real estate company Africa Israel Investments, as requested by the bondholders' trustees of Africa Israel, according to a report in Globes. Saidoff Group has raised its offer to ILS 505m (USD 144m) from ILS 485m, while reducing its early repayment offer that would be done by the end of the first year of the bond arrangement, but otherwise kept most other terms the same.
The bondholders will see around 25% of their bonds written off, and receive ILS 1.6bn in new series of Africa Israel bonds, besides benefits worth ILS 125m in exchange of their existing bonds.
The report noted that the group is coming closer to buying the target, especially as the rival bidding group of Lev Leviev and Moti Ben Moshe withdrew earlier this week