November 14, 2018 / 9:31 AM / a month ago

Dexia Israel accepts Discount Bank's $181 mln cash offer

TEL AVIV, Nov 14 (Reuters) - Dexia Israel Bank said on Wednesday it has an accepted an offer to be acquired by Israel Discount Bank for 670 million shekels ($181 million) in cash.

Last week the Bank of Jerusalem raised its offer to buy Dexia Israel to 730 million shekels in cash and stock, hoping to beat out Discount’s bid from September, which values Dexia at 758.59 shekels a share.

In August Bank of Jerusalem had offered to buy Dexia Israel for an undisclosed amount. The offer was rejected.

Discount is Israel’s fourth-largest lender.

Dexia said if the deal is not completed by April, the amount to be paid will increase by 1.25 million shekels a month. The transaction is subject to regulatory approval.

In March, Belgian banking group Dexia SA sold a controlling 58.89 percent stake in its Israeli unit for 350 million shekels to institutional investors. ($1 = 3.6925 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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