During such period, and despite the pandemic outbreak and its effect on the market in general and on the Company in particular, the Board conducted numerous meetings and internal deliberations, together with its financial and legal advisors, in an effort to make progress with the proposed transaction. On March 17, the Board advised Hot and Altice through its legal advisors that it resolved to engage in the next phase of the discussions in connection with the proposed Transaction based on certain terms and understandings previously discussed between the parties. As the Bank Letter was not received, on March 28, , the Board advised Altice that it required same to be provided to the Company by March 31, In the late evening of March 30, , Mr. Dexter Goei responded on behalf of Altice and advised that Altice cannot continue with the negotiations, and it is therefore terminating all further discussions. The reasons mentioned by Altice were the rapidly deteriorating economic situation and bleak prospects for a short recovery and, according to Altice, it is now clear that the parties are very far from being able to meet the timeline anticipated by Altice and still have many issues including two issues mentioned in the above letter that have not been agreed upon yet.
Altice’s Hot Telecoms breaks off Partner talks – Digital TV Europe
The workers committee at Partner Communications Ltd. The committee has hired the services of Prof. Yaron Zelekha, who is an adviser on economic matters to the chairman of the Histadrut General Federation of Labor in Israel and who also advised Pelephone's workers in the negotiations on a new collective labor agreement in the operational consolidation of the subsidiaries of Bezeq Israeli Telecommunication Co. Hot wants to buy Partner outright and delist it from the stock exchange. The Partner board is currently examining the bid. If it is accepted, it will lead to the formation of a strong telecommunications group.
Altice Europe confirms that its fully owned subsidiary Hot has terminated discussions regarding the potential acquisition of Partner Communications. Altice was also said to be unwilling to agree to a termination fee should the deal have collapsed. Given the current financial instability, it would be unsurprising should that deal also fall through.
A move by Altice Europe to create the largest operator in Israel by mobile connections through an acquisition of Partner Communications was called off, with the latter citing an inability to agree terms around a timeline and a recent deterioration in the global economy for the move. The Israeli operators opened talks on a deal in January , with Altice Europe targeting full ownership of Partner Communication. While Altice Europe offered little in the way of explanation for dropping the deal, a statement issued on news wires by Partner Communication explained the companies hit several hurdles during the resulting discussions. This revealed the companies made several attempts to settle on terms of the deal, but that Partner Communications had been unable to verify the financial backing Altice Europe had lined up, or details of recompense in the event any deal ultimately fell through.