Bank of Jerusalem Ltd. (TASE:JBNK) made a tender offer to acquire Dexia Israel Bank Ltd. (TASE:DXIL) from Dexia Crédit Local S.A. and others for approximately ILS 330 million in cash and stock on December 16, 2014. Under the terms of transaction, for 60% stake, the consideration will be ILS 326 million while for the remaining 40% stake, Bank of Jerusalem will issue its shares, representing 31% stake in it, at a ratio of 1:1 from the share capital. Under the mechanism to be established, each shareholder in Dexia Israel will be able to choose cash or shares. The transaction is subject to completion of the due diligence process, signing of the required agreements and receiving all the necessary approvals from the government.

Bank of Jerusalem Ltd. (TASE:JBNK) cancelled the acquisition of Dexia Israel Bank Ltd. (TASE:DXIL) from Dexia Crédit Local S.A. and others on April 29, 2015. The Board of Dexia Israel rejected the offer. The Board regards that the transaction would not add any synergies and price is also inadequate. The Bank of Jerusalem, which has invested a great deal in analyzing the deal and formulating the offer, will decide soon whether to make a better offer.