Arkia employees seek to match offer for control of company

In depth

The Nakash brothers signed a deal to acquire control of Arkia at an offer of $45 million. After negotiations that continued into the early morning hours, the company's employee trust was given three days to find an investor who will submit a competing offer.

The employee trust, which is a shareholder in the company, holds a right of first refusal to match the offer of the new buyer group. The employees seek to secure their holdings and their standing in Arkia, given their concern over dilution of their shares.

By Monday afternoon the employees must present a competing offer. In parallel to approaching alternative investors, they continue to hold talks with the buying group, and they ask that the new arrangement also include the employees' interests.