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Report: IDB Development gets new offer for additional stake in Clal Insurance

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Report: IDB Development gets new offer for additional stake in Clal Insurance

IDB Development Corp. Ltd. has received a binding offer to acquire up to 26% of Clal Insurance Enterprises Holdings Ltd. on better terms from four underwriters, after it rejected an earlier offer from the same group, Israel's Globes reported.

The group consists of Epsilon Underwriting and Issuing, Poalim IBI Management and Underwriting, Leader Underwriting and Barak Capital Ltd.

IDB Development was given the option to get paid in cash, in previously issued series 9 and series 14 long-term bonds or a combination of the three, according to the report.

If IDB Development opts for bonds, the swap deal will be carried out at 52.50 Israeli shekels per Clal Insurance share. The price in a cash deal would reportedly be 51.50 to 52 shekels per share.

As of Aug. 28, US$1 was equivalent to 3.53 Israeli shekels.