China’s BrightFood Gets Three Month Extension On Tnuva Deal

October 5, 2014 | BrightFood and Apax Partners have reached an agreement regarding the final pricing of the Tnuva deal, according to “Globes.” The renewed negotiations on the company’s price came as the Chinese food corporation BrightFood demanded a reduction of hundreds of millions of shekels for the purchase of the controlling share of Tnuva. As sources told “Globes,” Tnuva was valued in the NIS 8.4-8.6 billion range (approx. $2 billion). It is now believed that the deal will be finalized before the end of the year, when BrightFood will pay Apax the proceeds of the deal in cash. Tnuva was acquired by BrightFood in May of this year, with the company promising to pay up to $2.5 billion for 56 percent of the company’s holdings.