Israel's IDB Holding sells Given Imaging, will receive $426m.

December 7, 2013 18:13

IDB has decided to sell off Given Imaging to a "strategic international group" at a price that values the company at $1 billion, a 28% premium on its current market value.

IDB subsidiaries Discount Investment Corporation, Elron and RDC, will sell off their shares of the company for a combined $426 million.

Nochi Dankner, the embattled controlling shareholder of IDB, refused to sell the company last year for the reserve price of $15 a share, half of the $30 it will now command. According to IDB, the current sale price values the company at 75% more than its average value during the previous year.

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