Lev Leviev made an offer to acquire remaining minority stake in AFI Development Plc (LSE:AFID) from The Phoenix Insurance Company Ltd., Meitav Dash Provident Funds and Pension Ltd.,Klirmark Opportunity Fund II LP, Klirmark Opportunity Fund 3, L.P. and others for $110 million on October 25, 2019. The deal is financed by VTB Bank under a term facility. Post deal completion, following the implementation of the A Share Offer and the B Share Offer, Lev Leviev will seek to cancel the GDR program and amend the AFI's articles of association to, among other things, replace the existing two classes of shares into a single class of ordinary shares and convert the AFI to a private limited company. The deal is subject to regulatory approvals and third party clearances. The Board of AFI Development unanimously recommended shareholders to seriously consider the offer. The Offers will remain open for acceptance until December 19, 2019. As of December 12, 2019, Lev Leviev increased the offer price per share to $0.394 from $0.3. The consideration payable under the increased offer is being financed in full under a term facility entered into between VTB Bank and Lev Leviev. The increased offer will become or declared unconditional in all respects only if all the conditions of the increased offer have been satisfies or, where applicable, waived. The offer is subject to Lev Leviev receiving valid acceptance from at least 90% shareholders of AFI Development. If Lev Leviev received valid acceptance from 90% shareholders, then it will acquire the remaining shares via squeeze out. The Board of AFI Development unanimously recommended shareholders to accept the offer. As of January 13, 2020, Lev Leviev received acceptances from 26.45 B ordinary shares and 28.76% A securities after which it controls or owns 93.08% of A securities and 91.84% of B ordinary shares. Lev Leviev intends as soon as practicable to exercise its rights pursuant to the provisions of Cypriot law to compulsorily acquire the remaining Securities in respect of which the Increased Offers have not been accepted, on the same terms as the increased offer. As of January 14, 2020, the increased offer has become unconditional. The increased offer will remain open for acceptance till January 13, 2020. As of January 14, 2020, the increased offer will remain open for acceptance till January 27, 2020. Alexander Metherell and Elena Loseva of VTB Capital plc acted as financial advisors to Lev Leviev while John Stephan and Susan Jarram of BDO LLP acted as financial advisors to AFI Development Plc.