Direct IDI Holdings Ltd. made an offer to acquire 23.43% stake in Direct Insurance - Financial Investments Ltd. (TASE:DIFI) for ILS 270 million in stock on October 27, 2013. Direct IDI Holdings Ltd will issue shares of Direct IDI and Edgar Real Estate Company as a part of consideration. Direct IDI Holdings Ltd will issue 0.906 shares of Edgar Real Estate Company and 0.149 shares of Direct IDI for every share of Direct Insurance - Financial Investments.

Direct IDI Holding will acquire 12.98 million shares of Direct Insurance - Financial Investments as a part of the transaction. The offer will be responsive if 17.9% of shares are being tendered. The last date to respond to the offer will be on April 7, 2014.

As of February 25, 2014, acceptance letters were received from sellers that hold at 7.73 million shares. Direct IDI Holdings would acquire from each seller 94.3429% of their shares notified in the acceptance letters. In total, Direct IDI Holdings will acquire 7.29 million shares, which is about 12.95% stake.

The Sellers who sent acceptance letters will be eligible to receive in exchange 0.159 IDI Insurance Shares, together with 0.92 Agdar shares for every purchased share. In light of this, the Sellers will be eligible to get in total about 1.16 million IDI Insurance shares and 6.71 million Agdar shares. Bank Leumi Le-Israel BM acted as Offer coordinator, Ernst & Young (Israel) acted as Auditor and Firon & Co.

acted as legal advisor Direct Insurance - Financial Investments.