Pozis Family Vows Legal Fight and Possible Stake Increase in Novolog Control Battle

The Pozis family, led by controlling shareholder Ehud Pozis who owns 26.7% of Novolog, is engaged in a legal and corporate battle over control of the healthcare services company. Ehud's son, Oded Pozis, who joined Novolog's board in May representing the family, stated they will legally challenge recent board discussions they view as self-serving and suspicious. He also indicated the family may increase their stake in Novolog if necessary.

The conflict escalated after Novolog announced an investment proposal from the Movement group, offering 100 million shekels for a 21.3% stake. This would dilute the Pozis family's holding to 21%, making Movement the largest shareholder. Subsequently, Novolog reported the Pozis family's demand to hold a shareholder vote to replace the board, which is responsible for considering Movement's offer.

Oded Pozis clarified that their call to change the board preceded Movement's proposal, aiming to address operational failures and stabilize the company. He criticized the company's reporting sequence, which suggested their board replacement request was a reaction to Movement's offer, when in fact it was the opposite. Official filings show the board replacement demand was communicated at 14:40, before Movement's proposal at 17:41.

The dispute triggered a 16.6% surge in Novolog's stock price with trading volume doubling the annual average. Oded Pozis emphasized their intention to revitalize Novolog by installing a new, experienced board and implementing decisive changes to restore the company's former success.