Oligarch's Bid to Buy Israeli Financial Daily Globes Wins Bank's Support

David Davidovich raises bid for company that owns daily, wins receiver Bank Leumi's support.

David Davidovich.
Valeriy Levitin, RIA Novosti

David Davidovich is likely to gain control of the Globes financial daily after the receiver for Bank Leumi changed his stand on the matter yesterday and said he supported the Russian oligarch’s bid. The shares in Monitin, the company that controls Globes, belong to Eliezer Fishman, a tycoon who was declared bankrupt last year. However, the final word on the sale remains with Alona Bar-On, another Monitin shareholder, who has the right of first refusal to buy the Fishman stake.

The Leumi receiver changed his stand after Davidovich made an improved offer for the Monitin shares of 110 million shekels ($29.8 million).

In a hearing in front of Judge Eitan Orenstein of Tel Aviv District court on Thursday, Davidovich offered 106 million shekels for Fishman’s 75% in Monitin, which controls Globes and its printing press as well as a handful of high-tech startups and an option for shares in Hot Telecom.

The bid by Bar-On, the daughter of Globes’ founder Haim Bar-On, in conjunction with businessman Chem Landan, was also for 106 million shekels. But Davidovich’s offer also included an upfront payment for the full sum, which Bar-On would complete in installments.

The newspaper, a rival to TheMarker, is valued at 40 million shekels.