Shamir Food Industries was sold for NIS3.75m(US$815.000) to Amiram Guy and former controlling shareholder Shimon Draizin, according to a decision of the Tel Aviv District Court Judge Varda Alshech.

The court, which auctioned Shamir food, favoured the Guy-Draizin group who promised to employ most of Shamir’s employees, even though its offer was lower.

The judge noted that the bids were raised substantially during the auction, “and it was very doubtful if liquidating Shamir Food would achieve higher profits.”