The agreement between the two banks will be extended until after their appeal is heard.
The controlling shareholders in Union Bank of Israel (TASE: UNON) and Mizrahi Tefahot Bank (TASE:MZTF) are planning to appeal against the Antitrust Authority's ruling against their merger. These plans were reported in a notice by Mizrahi Tefahot Bank to the Tel Aviv Stock Exchange (TASE).
The merger agreement between the two banks expires on Wednesday because a material suspending condition, approval by the Antitrust Authority, was not fulfilled. The parties, however, intend to extend their agreement until after the Restrictive Trade Practices Tribunal hears their appeal. "The parties are talking about the option of a further agreement between them making the agreement valid again while the parties submit an appeal against the ruling," Mizrahi Tefahot Bank's TASE announcement read.
Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2018
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Mizrahi Tefahot