Discount puts Cal out to new tender: There are interested parties, most want a minority stake

Bank Discount is launching a new tender for the sale of its holdings in Cal, after the previous deal with George Horesh and Harel fell through due to opposition from the Competition Authority. More than ten entities are interested, most of them in minority shares. Delek Automotive is emerging as the main contender for control.

Bank Discount will begin a new tender in about two to three weeks for the sale of its holdings in the credit card company Cal, after yesterday (November 1) the agreement with George Horesh and Harel expired, who had agreed to purchase Cal for 3.75 billion shekels. The bank is operating under regulatory pressure to complete the sale by May 2027. The previous deal fell through due to the Competition Authority's condition requiring Horesh to sell his holdings in Super-Pharm. Horesh and Harel are still interested in the deal and are holding talks with American funds. In the new tender, there are more than ten interested entities, most of them interested in minority shares. The main contender for acquiring control is Delek Automotive, controlled by Gil Agmon. The bank is also considering an IPO of Cal if the tender fails.