The race to acquire Isracard (TASE: ISCD) heats up as Jerusalem Bank (TASE: JBNK) joins Delek Group (TASE: DLKG) and Menora Mivtachim (TASE: MMHD) in bids to buy the Israeli credit card company.
Last Wednesday, Delek Group offered to buy a controlling stake in Isracard at a company valuation of NIS 3.56 billion, while in October Isracard signed an agreement to sell a controlling stake to Menora Mivtachim at a company valuation of NIS 3.15 billion. Now Bank of Jerusalem is making an offer to conduct a reverse merger into Isracard in an all-stock deal with a company valuation of between NIS 3.8 billion and NIS 4.2 billion, increasing the previous offer to value the company between NIS 3.2 billion and NIS 3.4 billion. .
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Isracard’s board of directors will discuss Bank of Jerusalem’s latest offer later this week. The Board of Directors, headed by Tamar Yasur, is scheduled to decide which offer will be accepted by January 15, 2025.
Published by Globes, Israel Business News – en.globes.co.il – on December 29, 2024
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