Amit Berger, a director at
Ellern Holdings (TASE:
) and the chairman of Dor-Berger Portfolio Management, pulled the Dankner family's chestnuts from the fire yesterday, TheMarker has learned.
Dor-Berger, which holds a 4.99% stake in Ellern Holdings, supported in the shareholders assembly the deal in which Ellern Holdings is buying the controlling interests in
Israel Salt Industries (TASE:
Dor Chemicals (TASE:
Dankner Investment (TASE:
) for $122.7 million.
Aside from the Dankners, and Ellern Holdings' holding company Ellern Investment, Dor-Berger was the only shareholder to support the deal.
The company reported that shareholders holding 528,000 shares, or 87% of the company's equity, showed up for the shareholders assembly. The holders of 517,000 shares, or 98% of the participating shareholders, supported the reorganization, while the holders of 10,500 shares 1.99% of the company's share capital opposed it.
The Ellern deal is essentially one with its controlling shareholders, the Dankners. Therefore, the Companies Law stipulates that approval is contingent on obtaining support from at least a third of the shareholders who are not interested parties in the deal.
All the opponents were individual and institutional shareholders without interest in the deal, according to the company's notice. Dor-Berger, which has no part in the deal either, holds 29,564 shares - exactly the amount required to meet the letter of the law.
It is arguable whether Amit Berger is really a disinterested party, however, given his directorship at Ellern Holdings.