Israeli carrier Israir’s sale trustee has received court approval for BGI Investments’ planned acquisition of the airline, following a drawn-out bidding contest.
The Tel Aviv district court has granted approval after Israir bondholders backed the BGI bid and rejected those of two competing suitors.
All three had been ordered, in a previous court ruling, to submit final offers for the airline after the sale process became contentious as a result of late bid submissions and repeated adjustments to previous offers.
Nearly 76% of bondholders supported the BGI offer, states the court in its approval, while simultaneously rejecting – by 99.4% and 75.9% respectively – offers from Dor Alon Energy and YH Dimri.
The court acknowledges the trustee’s satisfaction with the 162 million-shekel ($50 million) bid from BGI, and the potential for the deal’s value ultimately to exceed 200 million shekels.
It says it will “grant the request” of the trustee to approve the bid, pointing out that no objections have been filed.