Businessman Nochi Dankner met Saturday night with IDB Group bondholders in an effort to persuade them to oppose a proposed arrangement which would oust Dankner from controlling the Israeli conglomerate.
IDB controls companies such as Cellcom and Shufersal.
The bondholders from two tiers of the pyramid conglomerate, IDB Holdings and IDB Development, agreed to convert bonds to stocks and merge the two companies, thus wresting control from Dankner. IDB Development bondholders are to write off NIS 1.8 billion of its debt and get 90 percent of its shares.
Niv Elis contributed to this report