Official receiver Sigal Yaakovi supports holding a tender for the sale of Hutchison shares in Partner and opposes the deal to sell the shares to the Rodav-Gabay Group. As will be recalled, the receiver filed an application with the court for approval of the transaction for the sale of Hatchison’s shares to the Rodav-Gabay Group but encountered opposition from the Saban Group. Now Yaakovi is also joining the opposition.
According to Yaakovi, “In his application for approval of the sale, the receiver claims that in his actions to locate a buyer for the pledged shares as a receiver, he examined the possibility of a competitive proceeding with respect to the pledged shares, but after thorough examination and consultation with the secured creditor, he concluded The proceeds from the sale of the pledged shares, emphasizing that the purchase requires onerous regulatory approvals. And not to act for a retroactive approval as part of the application for approval of the sale. “
Yaakovi believes that “since this is a sale of shares that form part of Partner’s controlling interest in a foreclosure proceeding under the supervision of the court, action must be taken by publishing a short-term tender, in order to get an idea of whether there are serious offers from other interested parties.” Completion of the transaction with the current bidder in the event that there are no other relevant offers. “
It was further argued in the application that “although the company’s claim that the publication of a tender or an application to an investment banker would have raised the consideration, to the point of obtaining 50% more than the consideration is only a hypothesis, and is not supported by additional data except the multipliers. “Of shares that form part of the controlling interest in Partner, this increases their value compared to an ordinary tradable share, so that it is not possible to be satisfied with the market price of an ordinary traded share to estimate the reasonableness of the offer, as the receiver did.”