Ganden Holdings excludes Azorim Properties from bid for IDB - TheStreet

Ganden Holdings excludes Azorim Properties from bid for IDB

Citibank, Lev Leviev, Avraham Livnat among potential external investors to join bid
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Azorim Properties (TASE: AZOR ), which is controlled by the Ganden group, informed the Tel Aviv Stock Exchange that at this stage Ganden Holdings is not planning to include Azorim in the bid to acquire control in IDB Holdings.

Ganden Holdings had planned to exploit its holdings in Azorim Properties in order to finance part of the $545 million it is expected to pay for IDB. However, Ganden apparently decided at this stage to abandon the plan, instead opting for external investors.

Among prospective investors mentioned in this regard are Citibank, businessman Lev Leviev, and Avraham Livnat, considered the favored candidate. Livnat is among the controlling shareholders in Taavura haulage group.

Azorim Properties said that Ganden Holdings told it that should it change its position, it will inform Azorim Properties.