The race to acquire Isracard (TASE: ISCD) is heating up as the Bank of Jerusalem (TASE: JBNK) has joined Delek Group (TASE: DLKG) and Menora Mivtachim (TASE: MMHD) in bids to buy the Israeli credit card company.
Last Wednesday Delek Group bid to buy a controlling stake in Isracard at a company valuation of NIS 3.56 billion, while in October Isracard signed an agreement to sell a controlling stake to Menora Mivtachim at a company valuation of NIS 3.15 billion. Now Bank of Jerusalem is bidding to make a reverse merger into Isracard in an all-share deal at a company valuation of between NIS 3.8 billion and NIS 4.2 billion, upping a previous bid of a company valuation of between NIS 3.2 billion and NIS 3.4 billion.
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Isracard's board of directors will discuss the latest Bank of Jerusalem offer later this week. The board of directors, under chairperson Tamar Yassur, is due to decide which offer to accept by January 15, 2025.
Published by Globes, Israel business news – en.globes.co.il – on December 29, 2024
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