Nochi Dankner, chairman, president and CEO of Super-Sol owner IDB Holding Corporation, has turned down an offer from Bronfman-Fisher Investment for its controlling stake in Israel’s largest supermarket chain.
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Dankner rejected Bronfman-Fisher’s offer of US$1.11bn for IDB’s 59% stake in Super-Sol. The offer represented a 24% premium on the supermarket chain’s market cap of $830m. IDB minimum asking price was $1.6bn.
Super-Sol’s activity is currently valued at NIS9bn (US$2.13bn) following the integration of the business of the Clubmarket chain, which it purchased in the first half of 2006.
