Just when you thought the airline bidding war was finishing for the season, a new one seems just to have started.
According to the Globes business news site, Rami Levy and Shalom Haim have offered a bid of NIS 70 million ($20.4 million) for Israir Airlines and Tourism Ltd. It’s a low, opening bid, and one that is expected to see a challenge from others over the next several weeks.
It’s also expected that the offer from BGI Investments, in a combined deal with Shay Odem (or its owners Rami Levy and Taaman, whose owner is Shalom Haim) may be rejected by Israir’s parent company, IDB Development.
BGI Investments is offering to buy 100 percent of the airline. The company has made a deal with parent company Shay Odem to acquire enough cash to fund the acquisition of the airline.
At the moment, due to the coronavirus pandemic, Israel’s skies are essentially closed so regardless of who buys the airline, they will be spending most of their time grooming the company for an upcoming performance.
