Paz Oil Withdraws Bid for Ultima Market Acquisition
Translated & summarized from TheMarker by baba
Paz Oil has withdrawn its bid to acquire Ultima Market, a dark store chain operated by Wolt. Paz had reportedly offered the highest bid of around 300 million shekels. The company withdrew due to concerns about achieving profitability for the business.
The story in 3 lines · by baba
- Paz Oil withdrew its offer to acquire Ultima Market, a dark store chain.
- Paz reportedly submitted the highest bid of approximately 300 million shekels.
- The company cited difficulties in achieving profitability as the reason for withdrawal.
Paz Oil has decided to withdraw its offer to acquire Ultima Market, the dark store grocery chain operated by Wolt. Paz was considered a leading contender in the tender process, reportedly submitting the highest financial bid to date at approximately 300 million shekels. The company was also seen as a strong candidate due to its operational and business potential. However, Paz ultimately withdrew after concluding that it would face difficulties in making the business profitable.
