Doron Cohen quits Discount Investment, to bid for Cellcom

Outgoing Discount Investment Corporation Ltd. (TASE:DISI) CEO Doron Cohen had decided to forego becoming the company’s chairman after the company decided to consider selling its holdings in Israeli telecom company Cellcom (TASE: CEL). He has also stepped down as Cellcom chairman.

Cohen said he plans forming a consortium of investors to bid for the controlling core in Cellcom and assuming a senior management position in the company. Cohen’s plans a similar move to Avi Gabbay, who stepped down last year as Cellcom CEO and successfully led a group of investors who bought control of rival telecom company Partner (Nasdaq: PTNR; TASE: PTNR), where he became CEO.

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Until June 30, Cohen served as CEO and a member of the board of Discount Investment unit Property & Development.

Discount Investment has a 45.7% stake in Cellcom worth NIS 1.33 billion. After Cohen’s announcement both Discount Investment and Cellcom’s share prices were up over 3% on the TASE today.

Cohen told “Globes,” “Even though there is interest in Cellcom, I think there is nobody to head the takeover, and it’s possible to organize a consortium. But I want to stress that while I served as an executive, I didn’t speak with anybody. It’s not that there is already a group and tomorrow morning or next week I will already bid. That would not fit my values or my integrity.”

Published by Globes, Israel business news – en.globes.co.il – on July 3, 2022.

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