Koor Industries

(NYSE:KOR) is teaming up with the Tel Aviv Stock Exchange-traded Shrem, Fudim Kelner group to ram through four appointments to the board of directors of

Nice Systems


In recent months the two business groups have snapped up 1.25 million Nice shares, lifting their holdings to an aggregate 10%.

This morning Nice advised the TASE that it received a letter from Koor and from a subsidiary of Poalim Investments, Koonras Technologies. Poalim Investments is the parent company of Shrem, Fudim, Kelner.

The letter demands that they be allowed to appoint four directors at the next shareholders assembly. No date for such assembly has been set.

The TASE subsequently suspended trade in Nice shares. The suspension is over and Nice shares are soaring 7% at mid-morning.

Poalim Investments recently brought Rimon Ben-Shaoul, former CEO of Clal Industries, on board. One of his tasks is to develop the group's leveraged buy-out activities through Koonras, in which he is a partner.