Sometimes you have to sign and not play. Mega Or, a company that delayed the acquisition of Arena Group, lost and owner Marcus Weber decided to sell the company to Tzachi Abu. Abu will acquire the full rights of Arena Group (61.86%) in the company for $ 130 million.
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After signing the acquisition of control of the group
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About a year ago, and later asked to change the terms of the deal, when the controlling owner of the arena found him an alternative buyer, in
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Understood that they would lose the deal and said yesterday that they are ready to return to purchase according to the original offer.
In December 2019, Mega Or, under the control of Tzachi Nachmias, signed the acquisition of control of the arena for approximately $ 135 million, in a transaction that included the purchase of shares and the taking of owner loans provided by Arena. The company has two main properties: Star Center in Ashdod and Arena Arena in Nahariya.
However, following the floods in Nahariya last year that shut down the mall’s operations, and later the corona crisis that led to great uncertainty surrounding commercial real estate, Mega Or sought to change the terms of the deal, an unanswered offer.
As mentioned, last night it was reported that the contractor Tzachi Abu Tzachi and his father Yechiel, who work mainly in Ashdod, will acquire control of the arena from owner Marcus Weber for $ 130 million: about NIS 15 million for the shares and about $ 115 million for the loan coverage – a lower offer Of Nachmias about $ 5 million.
Following the announcements, Mega Or contacted Arena and was told that the original offer was still valid – if its terms were acceptable to the company. Indeed, Mega Or, for their part, argued that the circumstances outlined above and leading to the withdrawal from the transaction had changed. Mega Or notes that there is already an expectation of an end to the Corona crisis and the opening of shopping centers, and it also seems that “the flooding problem in the Nahariya Mall has been fully resolved due to steps taken by Arena.” Therefore Mega Or renewed contacts with Arena and announced that they accept the terms of the original deal and offer to “bring to a final and complete settlement of all claims between the parties” – but owner Weber decided to close with Abu for $ 130 million.
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