Clal Insurance attracts two or more bidders willing to pay more than market value
Clal Insurance Enterprises [TLV:CLIS] has two or more bidders lined up, according to Argentine property developer Eduardo Elsztain, quoted in a newswire report.
Elsztain, who controls Clal’s parent, Israel-based conglomerate IDB Development Corp, said the two prospective buyers are prepared to pay significantly higher than the market value of the business, Bloomberg reported on Sunday (23 April).
Elsztain has been ordered by a court to sell Clal via the stock exchange but is fighting the order as he claims such a sale would leave shareholders with a 40% loss in the current market, the item reported.
Clal is 55% owned by IDB, which engaged JPMorgan Chase as adviser for the sale, the report said.