Friedman takes over Boymelgreen’s Azorim
Canadian Jewish property developer Hershy Friedman has rescued Mizrahi Tefahot Bank (TASE:MZTF) from the Azorim Investment, Development and Construction Ltd. (TASE: AZRM) swamp. Friedman will buy Shaya Boymelgreen’s 63.8% stake in the real estate company for NIS 300 million, which gives Azorim a valuation of NIS 470 million. Azorim’s current market cap is NIS 517 million.
Friedman is to pay NIS 100 million cash immediately, and the remaining NIS 200 million at the closing in a few months’ time. Former Sonol Israel Ltd CEO Tamir Poliker, who has advised Friedman in recent months on the Azorim deal, will become Azorim’s CEO.
The controlling stake in Azorim was put up for sale by Boymelgreen Capital, which encountered financial difficulties. The sale was conducted by Mizrahi Tefahot Bank, to which Boymelgreen owes NIS 650 million. The debt originates from the 2006 deal in which Boymelgreen bought the stake in Azorim from IDB Holding Corp. Ltd. (TASE:IDBH) for NIS 1.2 billion, four times the current market value of the shares.
In the first nine months of 2010, Azorim made a loss of NIS 102 million, following a NIS 338 million loss in 2009. The company has total liabilities of NIS 3.6 billion, of which NIS 840 million are to bondholders.
oiss vorff
voz iz ah `nakfahkamina , ar kan noich machen kiddush oiff mashka ?
tzu nit ? thats what counts . a few mill here or there , who cares
Unemployd?
Why is #1 making fun?
He needs a new job now.
Maybe Hackner can get him Food Stamps at the CHJCC
meiachorei hapargud.....
I heard from reputable sources – that Hershey Friedman took lessons from rosh ha’behamos – obama – how to “take over” companies, cars, vechulu vechulu.
Watch Out!!!
Soon we might see a flag of the United States Of Hershey, or…..
A picture of Hershey on a dollar bill!!
Or….who knows?!
Disgusted
Friedman is a bottom feeder who takes advantage of the tzar of other Yidden to get something for practically nothing. When he falls, he’ll fall so hard there will be nothing to pick up.
Reality
wow, the last two comments reflect a jealousy that is dangerous. I understand some ppl on a chabad site would be upset at Mr. friedman, but what exactly did HE do? Both rubashkins and Boymelgreen’s companies were ALREADY out of their control and would have either been shut down completely or sold to someone of lesser stature in the torah world than Mr. Friedman.
animal kingdom
I met Mr. Friedman around a year ago. Not a very nice man. Gd runs the world…
golda dee
its time you all stop being jealous of those who are wealthier than you. Wealth does not come easily it is only with a lot of hard work and time.