Investor offers $75m for 45% share in struggling El Al
El Al has received an offer from an investor who is prepared to acquire a private allotment of shares worth $75m. The offer has come from an individual which the law firm Shibolet identifies, in a 20 July letter to the airline, as businessman Eli Rozenberg. This investment would equate to just under 45% of the issued capital of the company following the allotment. Shibolet says the offer made for the shares would value El Al at 5% more than its market capitalisation on 19 July. El Al has been informed that a trust account at a bank has been opened to “prove the seriousness of the investor”, into which $15 million is being deposited – the equivalent of 20% of the planned investment. No details have emerged on how the rest of El Al’s shareholding structure would change. Its largest single shareholder is currently Knafaim Holdings with 38%.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-07-21/unaligned/investor-offers-75m-for-45-share-in-struggling-el-al
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Investor offers $75m for 45% share in struggling El Al
El Al has received an offer from an investor who is prepared to acquire a private allotment of shares worth $75m. The offer has come from an individual which the law firm Shibolet identifies, in a 20 July letter to the airline, as businessman Eli Rozenberg. This investment would equate to just under 45% of the issued capital of the company following the allotment. Shibolet says the offer made for the shares would value El Al at 5% more than its market capitalisation on 19 July. El Al has been informed that a trust account at a bank has been opened to “prove the seriousness of the investor”, into which $15 million is being deposited – the equivalent of 20% of the planned investment. No details have emerged on how the rest of El Al’s shareholding structure would change. Its largest single shareholder is currently Knafaim Holdings with 38%.<br/>
