The ISA wants to acquire Masab – the capital market

An independent committee set up by the board of directors formulated and submitted a proposal for the acquisition of Masab

Sheba (Automated Banking Services) reports that an independent committee set up by the company’s board of directors, which has been operating for the past two months, has succeeded in formulating a takeover bid for Masab (Bank Clearing Center). The proposed offer was forwarded to the company owner. Shaba, which is traded at NIS 480 million, operates clearing and debit card systems, Masab deals with clearing services – this means the need for the Antitrust Commissioner’s approval, an approval that is not certain to be received.

The ISA’s report to the TASE states that the Company’s Board of Directors has decided to examine the possibility of acquiring Masab’s shares from its current shareholders. The transaction, to negotiate its terms and bring its recommendations to the Audit Committee and the Company’s Board of Directors. ”

It was also reported that “the committee informed the company that after convening several times, consulting with external experts, including valuers and examining the pros and cons of the deal and its implications for the company and Masab, it approached Masab’s shareholders with a non-binding offer.”