Rakib to buy up to half of ‘Ma’ariv’

The deal values Ma’ariv at $35m., a 10th of the price Russian businessman Vladimir Gousinsky paid for it in 1998.

March 3, 2010 06:12
Rakib to buy up to half of ‘Ma’ariv’

newspaper 88. (photo credit: )


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Hi-tech executive Zaki Rakib is to purchase up to half of Ma’ariv Holdings, the publisher of the Ma’ariv newspaper, from the Nimrodi family firm, Israel Land Development Corporation.

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ILDC announced that a memorandum of understanding had been signed this week for a three-stage deal, under which Rakib would initially pay $10 million for 22.5 percent of Ma’ariv’s shares and take over as chairman of the board.

He may increase his stake to 30% within 30 days by investing an additional $5m. In the third stage, Rakib may exercise a one-year option to reach the same stake as the Nimrodis, who would hold 43% of the shares.

The deal values Ma’ariv at $35m., a 10th of the price Russian businessman Vladimir Gousinsky paid for it in 1998.

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