The battle to acquire control of Israel’s largest credit card company Isracard (TASE: ISCD) continues. Even though Isracard’s board of directors last month approved a bid by Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) to buy 100% of Isracard at a company valuation of NIS 2.934 billion, 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.
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Menora Mivtachim previously raised its offer to NIS 15.98 per share at a company valuation of NIS 3.2 billion, having submitted a first bid at a company valuation of NIS 2.934 billion.
Menora Mivtachim explained that the bid had been raised following Isracard’s strong results published earlier this week. Menora Mivtachim said that its bid would allow Isracard to remain an independent company listed on the TASE.
Published by Globes, Israel business news – en.globes.co.il – on March 15, 2023.
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