Multiple Bidders Vie for Control of CAL Credit Card Company
Translated & summarized from NEWSru Israel by baba
Asaf Rapoport's Wiz company and the Bituch Yashir group are among several entities interested in acquiring Israel's CAL credit card company from Discount Bank. Other potential buyers include Delek Rehev, Centerbridge, and Gallatin fund, with bids expected soon. This surge in interest contrasts with a previous failed tender after the October 7 attacks. Discount Bank is selling its stake in CAL, the last major financial asset of its kind on the market.
The story in 5 lines · by baba
- Asaf Rapoport's Wiz company and Bituch Yashir group are exploring the purchase of CAL credit card company.
- Discount Bank is selling its stake in CAL, attracting significant interest from multiple potential buyers.
- Delek Rehev is considering buying 50-55% of CAL, while other funds and banks are also interested.
- The current high interest contrasts with a previous failed tender held after the October 7 attacks.
- CAL is the last major financial asset of its scale currently for sale in Israel.
Asaf Rapoport, founder of the Wiz company, along with the Bituch Yashir group led by Muki and Doron Shneidman, are exploring the acquisition of the CAL credit card company. Both Rapoport's and the Shneidman's groups have reportedly held discussions with Discount Bank officials responsible for the sale and have requested company data. Discount Bank acknowledged the significant interest in CAL, which they did not anticipate. The bank is currently selling its stake in CAL. Other potential bidders include Gili Agmon's Delek Rehev company, which is considering purchasing 50-55% of CAL's shares. The Centerbridge fund, Zvi Baruch, Ayalon company, and Jerusalem Bank, owned by the Shoval family, are also expected to submit offers. The Gallatin fund has also expressed interest, with representatives recently meeting Agmon. This high level of interest contrasts sharply with a previous tender held about two years ago, when the bank struggled to find any interested parties. That tender occurred shortly after October 7, amid investor uncertainty about the recovery of the Israeli economy. CAL is currently the last major financial asset of its scale in Israel being put up for sale. Discount Bank is not negotiating CAL's sale until November 1 due to existing deal terms with George Horesh and Harel, though the likelihood of that deal proceeding is low due to the Antitrust Authority's stance.
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