Pozis Family Boosts Stake and Overhauls Novolog Board to Block Movement Group Takeover

The Pozis family swiftly acted to strengthen its control over Novolog, a healthcare services group, following an attempted takeover by the Movement Group led by Eli Dahan. After increasing its stake from 26.7% to 44.9% by purchasing an additional 18.2% of shares from Phoenix and Mori Arkin for 91 million shekels at a 15% premium, the family initiated a significant board reshuffle.

Oded Pozis, a family member who had been a board member since May, was appointed chairman, replacing Eric Shor who resigned. Alongside him, three new directors were appointed: Ofer Lintchevski, Doron Sela, and CPA Sagie Kaduri. They replaced Tamar Gottlieb and Ofer Tzemach, who resigned earlier that day. The external directors Ruth Relevag and Itzik Edelman remain on the board for now.

The Pozis family’s move came after Novolog disclosed last week that the Movement Group proposed investing 100 million shekels in exchange for new shares, a move the Pozis family opposed as initiated by certain board members. Oded Pozis publicly rejected the legitimacy of the previous board to consider the offer and vowed legal resistance and further stake increases if necessary. The family also sent a formal warning letter to Novolog’s board and management outlining their objections.

This takeover defense strategy combines a substantial share purchase with a board overhaul to ensure control remains with the Pozis family and to block the Movement Group’s influence within Novolog.