Norstar Receives Partnership Agreement Amid G City Deal Dispute Between Haim Katzman and Tzachi Abu
תומצת מתוך Calcalist על ידי baba
Norstar received the partnership agreement between Tzachi Abu's Ari Nadlan and Yispro-Tanofort amid a dispute with Haim Katzman over the G City real estate deal. Katzman is reviewing the agreement for legal grounds to withdraw, while market concerns grow as Norstar's stock drops. The deal involves a 661 million shekel sale of G City shares and is critical for repaying debts and capital raising.
הידיעה ב-6 שורות · תקציר של baba
- Norstar received the partnership agreement between Ari Nadlan and Yispro-Tanofort after Katzman's demand.
- Katzman is reviewing the agreement for clauses that might allow him to cancel the G City deal.
- Norstar's stock dropped 4.5% amid fears the deal could collapse.
- The deal involves selling 26% of G City shares for 661 million shekels to Abu, Dahari, and Adiv.
- 280 million shekels from the deal will be reinvested in G City's planned capital increase.
- Discount Capital Underwriting's chairman expects a 10 million shekel fee if the deal completes.
Shareholders involved in the G City real estate deal transferred the partnership agreement between Ari Nadlan, controlled by Tzachi Abu, and Yispro-Tanofort, owned by Kidan Dahari and Yaron Adiv, to Norstar offices, controlled by Haim Katzman. This move follows Katzman's demand last Friday to review the agreement, which Abu initially refused to provide. Katzman will now assess whether the agreement contains clauses that could legally justify withdrawing from the deal. If such clauses exist, Katzman might use them to cancel the agreement.
The transfer of documents suggests that the buyers do not want the deal to collapse or at least do not want to give Katzman grounds to back out. Katzman expressed disappointment that Abu included Yispro-Tanofort as a partner, stating, "What did you do? I went to sleep with Rachel and woke up with Leah," referencing the biblical story of Jacob. Notably, the legal representatives for the parties are from the same law firm, Meitar, with Ari Nadlan represented by attorney Tomer Sela and Norstar by attorney Ariel Aminzach, indicating the documents were exchanged within the same office.
Norstar, currently controlling G City, is set to receive 661 million shekels for selling 26% of G City shares to Abu, Dahari, and Adiv. Part of this sum, 280 million shekels, will be reinvested into G City through a planned capital increase of about one billion shekels after the deal's completion. The capital is crucial for repaying bondholders and supporting G City's financial needs.
Yesterday, Norstar's stock fell 4.5% amid concerns the deal might fail, signaling market anxiety. Norstar's recent statement cautiously acknowledged Yispro-Tanofort's joining the deal without endorsing the change, reflecting Katzman's complex position. Unless Katzman has alternative buyers, Norstar depends on the deal's completion to settle debts and secure G City's capital injection. Discount Capital Underwriting chairman Tzachi Sultan, advising Norstar, stands to earn a 10 million shekel fee if the transaction closes successfully.
מוזכרים
אותו אירוע, כפי שכל מערכת דיווחה עליו בנפרד. פתחו כמה דיווחים כדי להשוות מה כל מערכת מדגישה, ומה היא משאירה בחוץ.
מרכז 2אחרים 1
