(photo credit: )
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.
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.