Businessman Meir Gurvitz announced that he is giving up on his bid to acquire El Al Airlines, Globes reported on Tuesday.

“In the circumstances that have arisen, and in the light of the opposition of the Finance Ministry to a private placement, I have no intention of entering into a deal for the purchase of El Al,” Gurvitz said in a statement.

El Al is scheduled to release a prospectus of its $150 million public offerings on Tuesday and the offering is to take place on Thursday. The new plan that the Finance Ministry outlined for El Al to received government aid precludes any private placements.

Gurvitz flew to Israel twice to hold meetings regarding his bid. It’s possible that Russian-Israeli businessman David Sapir may also drop out of the race due to the ministry’s refusal of a private placement.

(YWN Israel Desk – Jerusalem)