Sunrise Never Comes For Better Place Buyout, Hopes To Find Success With New Suitor

AUG 27 2013 BY MARK KANE 3

Pay As You Go.... Buy

Pay As You Go…. Buy

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.”

Source: Globes

Categories: General

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3 Comments on "Sunrise Never Comes For Better Place Buyout, Hopes To Find Success With New Suitor"

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Spec

The sun will come out . . . tomor . . . . errr, never mind.

vdiv

With the risk of sounding immature (yes, yes, I am) I think we should get rid of the dollar and adopt the shekel as our national currency — it sounds so much cooler than a dullar! 😉

Shaking someone out of their shekels, priceless 🙂

Assaf

Wow, $3 million. My goodness, it would have been worth it for any bunch of individuals to try and match or beat this price – this is money laying on the floor.

This Merkur fellow seems to be parking-lot and real-estate millionaire, maybe having done a minor foray into EV charging (back when people thought Better Place would bring an EV bonanza to Israel). This type of people know how to sniff out easy money.

My guess is just the market value of the various hardware and battery equipment owned by the company, would be higher than the purchase price.