Alfred Akirov (YouTube photo/ Public Companies Association, Echo video)
One of the main claims of the businessman Alfred Akirov against the preparations for the implementation of the Clal MAX deal concerns the IPO that was carried out at the beginning of the year.
As part of the preparation for the realization of the transaction, Kall raised money. The recruitment required Akirov to inject money in order not to be diluted and here he claimed that there was no need for an IPO and in any case he was ready to inject money into the company against the allocation of shares and so on.
More in-
One of Clal’s shareholders took up the gauntlet and submitted a request for a derivative suit against senior officials of Clal Insurance on the grounds that Akirov’s offer was better than the chosen option and here it is appropriate to dwell on the matter for a moment.
Claims of this kind are dangerous claims. Clal Insurance’s board of directors and management (and any company in general) have a margin of discretion as long as the decision is made in accordance with the rules of proper management or correct corporate governance.
The request for a derivative filed against Clal Insurance goes deep into the domain of the management’s discretion and therefore the plaintiff who received Clal’s answer to the claim decided to withdraw his claim and this removes a significant claim of Akirov from the path to the realization of the deal.
Clal Insurance responded: “The withdrawal request we are reporting today is the result of Clal Insurance and Finance’s reasoned answer that the decision of the board of directors of Clal Holdings not to suspend the IPO process that was carried out in January 2022 was a proper business decision that was made in a proper manner and especially in view of the fact that Alrov’s offer was lacking Legal and regulatory feasibility, as it was conditional on Alrov receiving a permit to control the company from the Commissioner of the Insurance and Savings Capital Market, which in practice did not materialize.
After reviewing Clal Insurance and Finance’s response, including the minutes of the company’s board of directors, the applicant came to the conclusion that he would not be able to succeed in his application and asked to withdraw from it.
We will remind you that the background to the submission of the request is publications in which Mr. Alfred Akirov expressed himself in connection with the issuance of Clal’s shares, in which he tried, once again, to exert irrelevant and inappropriate pressure on the company, when he claimed that Clal could have received the required amount from him on better terms than those it received, and this on The basis of his assumption, which is wrong, that he will receive permission to control the company.’
Comments to the article(0):
Your response has been received and will be published subject to system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment