Harel improves bid in battle to buy Isracard

Harel’s latest offer represents a 22% premium on Isracard’s current share price.

The battle to acquire control of Israel’s largest credit card company Isracard (TASE: ISCD) continues. This morning the board of directors of Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) approved raising its bid to buy 100% of Isracard from NIS 2.934 billion to NIS 3.304 billion.

Last week insurance and finance company Menora Mivtachim (TASE: MMHD) has submitted a new bid to buy a controlling core of 32% of Isracard at a company valuation of NIS 3.5 billion.

The current share price of Isracard, managed by CEO Ran Oz, is NIS 13.64, so that Harel’s latest offer represents a 22% premium on its current share price.

Published by Globes, Israel business news – en.globes.co.il – on March 19, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.





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