Two investors are looking at taking over 100% of the Tevel cable TV company at a price of $1,400 per subscriber, TheMarker has learned.

A source at a major body working with the cable TV companies told TheMarker that a meeting with the two is scheduled within days.

Israel's three cable TV companies are slated to merge into a single company, to be called Gvanim. The source says the twain want to achieve a 44% holding in Gvanim.

Tevel is held by Discount Investment Corporation (TASE:DISI) (48.5%) and United Pan-European Communications (Nasdaq:UPCOY, ASE:UPC) (46.5%).

Before meeting with Tevel's current trustee manager, Zvi Yochman, they are expected to meet with the debt-laden company's main unsecured creditors before sitting down with the banks.

Another source said that a foreign investor is looking at buying a 10% to 15% stake in Gvanim, through a leading Israeli consultancy.

TheMarker has already reported on negotiations for UPC to transfer its Tevel shares to the First International Bank of Israel, in exchange for a writeoff of its NIS 250 million debt to the Israeli bank.

Under the banking law, Israeli banks may not own more than a 20% stake in a non-banking corporation, hence FIBI would have to hasten to sell at least part of the shares it would get from UPC.

Meanwhile, Yochman has proposed to sell some of Tevel's assets as part of its rehabilitation plan. The sale will be made through tender.

Market sources are whispering that the Ma'ariv group is also working on selling a 15% stake in Matav Cable Systems (Nasdaq:MATV) in an off-floor transaction.

The merger of the three cable TV companies Tevel, Matav and Golden Channels is supposed to be finalized by year-end, after a final arrangement is reached regarding Tevel's recovery, and the companies' shareholders agree on the terms of the merger.

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