Africa-Israel Industries Ltd (TASE: AFID) agreed to acquire the assets and activity of Yacoby Steel Corporation for ILS 91 million in cash on July 14, 2011. AFID is also buying Yacoby's inventory for ILS 50 million. AFID will retain Yacoby's staff. Yacoby's three controlling shareholders will remain employed at Yacoby for a year and also entered into a four-year non-compete agreement. The deal remains contingent on a number of conditions including approval from antitrust authority. Ran Hai of Herzog Fox Neeman acted as legal advisor for Yacoby Steel Corp. Ltd. Africa-Israel Industries Ltd (TASE:AFID) cancelled the acquisition of the assets and activity of Yacoby Steel Corporation on July 14, 2012.