Mercantile Discount Bank Ltd. signed a merger agreement to acquire Dexia Israel Bank Ltd. (TASE:DXIL) for approximately ILS 670 million on November 13, 2018. As reported, Under the agreement, Dexia Israel Bank Ltd. will be acquired for a consideration of cash amount of ILS 758.59 per share. If the closing date of the transaction falls after April 1, 2019, the consideration will be increased by an amount of ILS 1.25 million per month or pro-rata thereto, with respect to the period from April 1, 2019 through the closing date. Moreover, if Dexia Bank should distribute a dividend before the closing date (subject to receipt of Mercantile Bank’s prior approval to do so), the consideration will be adjusted taking into account the amount of the dividend distributed as aforesaid. Dexia Israel Bank Ltd. would merge with and Mercantile Discount Bank by way of a contractual merger. The management of Dexia Bank and its subsidiary, whereby their operations in the normal course of business will be conducted as they were prior to the date of signing the merger agreement. The closing of the transaction is conditional on fulfillment of suspending conditions including: approval by the Bank of Israel, approval by the Antitrust Commissioner, obtaining any other regulatory approval, if required, approval by the general meeting of Dexia Bank, approval by the Israel Tax Authority to execute the merger with the merging companies being exempt from income tax and from capital gains tax, no material detrimental change is to be made to Dexia Bank’s position, and no call is to be made for the immediate repayment of material credit extended to Dexia Bank’s subsidiary; during the interim period, no event is to take place that, as a result of which, would give rise to reasonable concern regarding the merged company’s ability to meet its commitments to its creditors; and receipt of a merger certificate from the Registrar of Companies regarding the merger. Should any of the suspending conditions not be fulfilled by June 1, 2019 unless a waiver has been granted in accordance with the provisions of the merger agreement, where relevant, the merger agreement will be deemed null and void, except where the parties have agreed in writing to defer the last date. Value Base M&A Ltd. acted as financial advisor to Dexia Israel Bank. Mercantile Discount Bank Ltd. cancelled the acquisition of Municipal Bank Ltd (TASE:MCPL) on October 3, 2019.