Summit Real Estate Holdings Ltd. (TASE:SMT) made an offer to acquire 38.77% stake in Industrial Buildings Corporation Ltd. (TASE:IBLD) from Jerusalem Economy Ltd. (TASE:ECJM) for ILS 600 million on August 31, 2016. Under the terms, Summit Real Estate will acquire 152.71 million shares of Industrial Buildings Corporation (Mivneh). The consideration will be adjusted according to Mivneh's holdings in Svitland. The offer has been delivered under a letter of intent and will be considered by Jerusalem Economy's Board. The Board of Jerusalem Economy Ltd. rejected the offer. The offer is valid till the signing of a definitive agreement by September 30, 2016. As a condition for the transaction, Summit will take over the management of Mivneh and Zohar Levy will join as member of the Board. As on September 11, 2016, Board of Jerusalem Economy decided to postpone the offer.

Summit Real Estate Holdings Ltd. (TASE:SMT) cancelled the acquisition of 38.77% stake in Industrial Buildings Corporation Ltd. (TASE:IBLD) from Jerusalem Economy Ltd. (TASE:ECJM) on August 31, 2017.