The Phoenix Holdings Ltd (TASE:PHOE) made an offer to acquire Halman Aldubi Investment House Ltd (TASE:HAIN) from I.B.I Investment House Ltd. (TASE:IBI) and others for approximately ILS 280 million on November 8, 2020. The offer would be made via a reverse triple merger and expires on December 15, 2020 if no binding agreement is signed. The Phoenix Holdings Ltd signed a merger deal to acquire Halman Aldubi Investment House Ltd on December 7, 2020. Under the transaction, all ordinary shares of Halman Aldubi Investment House Ltd held by its shareholders will be transferred to The Phoenix Holdings Ltd in exchange for ILS 8 per share. The warrants Series 102 are to be redeemed to the right to receive payment in cash in the scope of the share price deducting the exercise price of the warrant. With completion of the deal, Halman Aldubi Investment House Ltd will turn into a private company, operating as a subsidiary of The Phoenix Holdings Ltd. The transaction is subject to receipt of all customary approvals. Halman Aldubi Investment House's Board has set up an independent committee to assess the offers and would make a decision after it examines all the proposals. The merger was approved at the General Meeting of Halman Aldubi Investment House Ltd on January 28, 2021. The deal is expected to close in 4 to 6 months since date of the signing of the merger deal.

The Phoenix Holdings Ltd (TASE:PHOE) completed the acquisition of Halman Aldubi Investment House Ltd (TASE:HAIN) from I.B.I Investment House Ltd. (TASE:IBI) and others on February 24, 2021. Transaction was approved by Commissioner of Capital Markets, Insurance and Savings Moshe Bareket on February 24, 2021. The Competition Commissioner has already given consent. Bareket's approval was the last substantial permit that the parties to the deal needed to obtain in order to complete the transaction.