Market sources believe that Partner’s planned offer is intended to counterbalance Cellcom’s offer.
Israeli telecom Partner Communications Co. Ltd. (Nasdaq: PNR; LEVEL:PNR) plans to bid to buy telecom operator Xfone, claiming it has not received all the required information about the company ahead of its upcoming creditors’ meeting.
Market sources believe that the Partner’s planned offer is designed to counterbalance the offer of: Cellcom Israel Ltd. (NYSE:THE; LEVEL:THE) to buy Xfone, which is also highly unlikely to get regulatory approval to do the acquisition.
Partner is unwilling to allow Cellcom to complete Xfone acquisition, having already acquired Golan Telecom, and hopes the regulator will give it the same opportunity to increase its market share as Cellcom was given.
Partner has requested information about Xfone but claims to have only received partial information.
Published by Globes, Israel Business News – en.globes.co.il – on August 16, 2021
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