Mizrachi and Recanati Exercise Right of Refusal on 9% of Maccabi Tel Aviv Shares
Translated & summarized from Mako by baba
The story in 4 lines · by baba
- Mizrachi and Recanati family blocked a share sale.
- The shares are from basketball club Maccabi Tel Aviv.
- The move precedes an upcoming arbitration hearing.
- The arbitration concerns a dispute over refusal rights.
Shimon Mizrachi and the Recanati family have exercised their right of refusal on 9% of Maccabi Tel Aviv basketball club shares, which were sold by Ben Ashkenazi to Jayson LeVin. This move comes as the parties await an upcoming arbitration hearing.
LeVin was set to acquire 9 out of the 10 percent of shares owned by Ashkenazi as part of a larger purchase agreement, leaving Ashkenazi with only one percent. The decision by Mizrachi and the Recanati family to exercise their right of refusal follows a similar action by Richard Deitz, who had previously invoked his right of refusal concerning the Recanati family's sale of shares to LeVin.
Mizrachi, however, used his veto power as an original shareholder to personally exercise the right of refusal. This latest exercise of the right of refusal is not expected to impact the ongoing arbitration. The arbitration was initiated due to Deitz's claims against Mizrachi's right of refusal concerning the Recanati family's share sale to LeVin.
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