Ben-Moshe Asks Court to Stay in Israeli Supermarket Bidding

The Israeli-German entrepreneur says Mega creditors should be able to weigh his bid.

Ofer Vaknin

Moti Ben-Moshe asked the Central District Court on Tuesday to allow him to show his improved bid for the bankrupt Mega supermarket chain to Mega’s creditors when they meet on Wednesday to vote on an offer by food retailer Yenot Bitan.

The petition came hours after Supreme Court Justice Noam Sohlberg rejected a petition by Ben-Moshe seeking to void the district court’s decision approving the sale to Yenot Bitan. Sohlberg also rejected Ben-Moshe’s petition to delay the meeting of Mega creditors.

Ben-Moshe, an Israeli-German entrepreneur who is buying Mega’s parent company Alon Blue Square, boosted his bid for Mega to as much as 500 million shekels ($129 million) from a previous 395 million. In his petition, Ben-Moshe argued that, unlike Yenot Bitan’s, his offer would not encounter objections from the Antitrust Authority.

Discount grocer Rami Levy has also asked the court to have its bid presented at Wednesday’s creditors’ meeting and has raised its offer for Mega to 100 million shekels more than the Yenot Bitan bid, which was named by the Central District Court last week as the winner in an auction to buy the chain conducted by Mega trustees.