Israeli supermarket chain Super-Sol is set to buy rival chain Clubmarket after signing an agreement with Clubmarket’s trustees.
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The agreement was made on the basis of Super-Sol’s recent offer of NIS825.5m (US$184.1m) for Clubmarket, its inventory and an allocation of shares, reported Globes Online.
Super-Sol’s offer beat bids from several consortiums and Clubmarket’s trustees are now expected to ask the Tel Aviv District Court to approve the offer as the winning bid.
The deal also requires approval from Dror Strum, director general of Israel’s antitrust authority. His decision is expected within the next few days, Globes said.
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