Sunrise Never Comes For Better Place Buyout, Hopes To Find Success With New Suitor
According to the latest news from Israel, Sunrise Ltd., lead by Yosef Abramowitz failed to make payments for Better Place (as mentioned in this earlier report). Acquisition of Better Place was cancelled when Sunrise failed to make the first payment, even after a postponement.
Now, it seems that Better Place Israel will be sold to Success Assets Ltd., owned by Tsahi Merkur. The deal is no longer for 18 million shekels. Now it’s just for 11 million shekels ($3,005,871 US). There’s no word in this deal regarding Better Place Switzerland’s intellectual property.
“Better Place Israel will be sold to Success Assets Ltd., owned by Tsahi Merkur, for NIS 11 million, the Central District Court ruled on Sunday.”
“Under the acquisition offer, within seven days, Mekur will sign a personal guarantee for the full amount of the acquisition, and a personal guarantee for a letter of indemnification covering the guarantees of Better Place Israel’s subsidiaries to the Ministry of Transport. Within 21 days, he will deposit with the company’s special managers an opinion on a property on which a commitment to register a lien of up to NIS 5 million will be placed. By September 30, 2013, he will make a NIS 2 million payment. The total payment is NIS 11 million.”