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.