An agreement bondholders reached overnight on Thursday may oust Nochi Dankner from controlling IDB, the Israeli conglomerate that controls companies such as Cellcom and Shufersal.
The bondholders from two tiers of the pyramid company, IDB Holdings and IDB Development, would merge the two companies and convert bonds to stocks, thus wresting control from Dankner. IDB Holdings bondholders would get 10% stock of the new company, which will be still be called IDB Holdings, plus NIS 200m. in cash currently held.
The deal still needs court approval to move forward, but the united front is bad news for Dankner.