Leon group scrambles to meet Discount Bank bid deadline
The Moshe Leon group worked at fever pitch last night to prepare a bid for Israel Discount Bank by this afternoon's deadline.
The Moshe Leon group worked at fever pitch last night to prepare a bid for Israel Discount Bank by this afternoon's deadline. The group expected a $10 million bank guarantee from Bank of America's Frankfurt branch to arrive in the late night hours.
The group's exact composition is still unknown, but it is known to consist of a number of European business moguls, some of whom are Jewish. No Israeli tycoons are members of the group.
The group does not expect to complete all the details required for a bid by the deadline, but hopes that MI Holdings will allow it a few days to complete the forms, after it submits the bank guarantee on time.
Toronto-based Onyx Corporation, controlled by Gerry Schwartz, is also expected to file a bid today. The group's Israeli representative, attorney Yoram Yossifof, confirmed plans for the bid. "The group will contend alone with no partners."
In addition, a group of U.S. bankers headed by attorney Yaacov Neeman is likely to file a bid.
MI Holdings, handling the bank's share sale for the state, is expected to publish the list of bidders after the 3 P.M. deadline.
American businessman Daniel Strauss yesterday filed the $10 million bank guarantee and documentation of personal wealth of $1 billion. The tender terms stipulate that bidders must be able to show holdings worth twice what they plan to invest in the bank.
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