Ayalon Shareholder Sues for Access to Documents Over Altshuler Shaham Deal
An Ayalon Insurance shareholder has petitioned the Tel Aviv District Court to review corporate documents ahead of a derivative lawsuit over a disputed business waiver benefiting parent company Wobi Globaltech.
Gad Liebman, a shareholder in Ayalon Insurance, has petitioned the Tel Aviv District Court to compel the company to grant him access to its internal documents in preparation for a derivative lawsuit. The legal action centers on Ayalon's September board decision to forgo an opportunity to acquire controlling stakes in Altshuler Shaham Finance in favor of its controlling parent company, Wobi Globaltech.
Wobi signed an agreement to acquire control of Altshuler Shaham alongside its CEO Yair Lewinstein, purchasing shares from Gilad Altshuler and Ran Shaham for approximately 1 billion NIS at a company valuation of 1.8 billion NIS. Wobi's share of the transaction totals 815 million NIS. Liebman's petition, filed through attorney Lior Lahav, follows an earlier demand for the resignation of Ayalon directors Emil Vinshel and Zvi Barak over alleged inherent conflicts of interest stemming from their concurrent board seats at Wobi.
Liebman is evaluating a derivative suit on behalf of Ayalon against Wobi Globaltech, its controlling shareholders, and officers involved in the waiver. He is requesting court-ordered document inspection within 30 days. Wobi previously reported that it had offered Ayalon the opportunity, but the insurance subsidiary declined due to regulatory constraints.
Liebman disputes this justification, noting that Vinshel publicly stated in an interview that talks began two years ago following a visit by Ayalon CEO Sharon Reich to Altshuler Shaham. Liebman argues that Wobi unlawfully usurped a corporate opportunity belonging to Ayalon through a board dominated by Wobi, without establishing an independent committee or obtaining general shareholder approval for an extraordinary transaction.
