The Harel Insurance Company offers to purchase 100% of the shares Isracard For a sum of NIS 2.7 billion. This is a premium of about 30% in relation to the current value of the credit company.
Harel’s announcement to the stock exchange states, among other things, that “the company’s offer to the Israchart board of directors is limited to two weeks, when if its offer is accepted, it was suggested that a memorandum of understanding be signed between the parties that would anchor the parties’ agreements.
“The financing structure of the transaction has not yet been determined, but due to the financial strength of the company and its liquidity ratios, the company has a variety of options available to complete the transaction.”
The current offer comes when another procedure for a huge deal between an insurance company and a credit company is underway in the background.
Clal Insurance last April signed the purchase of Max credit company at a value of NIS 2.5 billion.