The race to acquire CAL reopens: the candidates, the deadline, and the shrinking valuation

Bank Discount is preparing to renew the tender for the sale of its shares in CAL after the collapse of the previous deal. Union-Harel is expected to compete again in a different format that includes the Centerbridge fund, and Gil Agmon is considering the purchase. The valuation is expected to shrink due to the loss of the 'Playcard' customer club.

Bank Discount is preparing to renew the tender for the sale of its 72% stake in credit card company CAL, after the previous agreement with the Union-Harel group expired. Assessments indicate that Union-Harel will compete again, this time in a different format that includes bringing in the American investment fund Centerbridge as a 50% owner, to meet the requirements of the Competition Authority. Gil Agmon, the controlling shareholder of Delek Automotive, is seriously considering the purchase but has not yet taken practical steps. Other names mentioned include Bank of Jerusalem and Assaf Rappaport, but their interest is uncertain. The expected valuation in the new deal may shrink due to the loss of the 'Playcard' customer club to Isracard. Discount must complete the sale by April 2027, and the bank hopes to receive an extension from regulators.