Gad Zeevi made an offer to acquire Internet Gold - Golden Lines Ltd. (NasdaqGS:IGLD) for ILS 300 million on April 8, 2019. Offer is a part of debt settlement for Internet Gold. The investment amount plus ILS 50 million from Internet Gold’s coffers (a total of ILS 350 million) will be invested in B. Communications Ltd. (“BCom”) as part of a rights issue or capital raising. ILS 17 million of the funds in Internet Gold’s coffers shall remain in Internet Gold and the remaining funds in Internet Gold’s coffers shall be used to repay debt to the Internet Gold’s debenture holders. In addition, shares of BCom to be purchased by means of the ILS 50 million investment will be distributed to the debenture holders. To the extent that within 8 days of offer, the initial principles are approved at meetings of Internet Gold’s debenture holders in an indicative resolution and by the Board of Directors of Internet Gold, then accelerated negotiations will be held to formulate a detailed arrangement. . Up to and no later than 7 business days after receipt of the second approval, Gad Zeevi shall deposit ILS 20 million in Internet Gold’s coffers as earnest money. On the closing date, the Internet Gold will be free from any debt that it incurred prior to the closing date. The Internet Gold will become a private Internet Gold that is a reporting Internet Gold, only as long as the new debenture series is traded on the stock exchange. On April 15, 2019, Internet Gold announced that a new debenture series of Internet Gold in the amount of ILS 300 million par value will be issued whose repayment (principal and interest in accordance with the amortization schedule) will be secured by a financial guarantee bond from a leading international insurance company or alternatively, and at the election of the debenture holders. The transaction will include a mutual termination fee provisions equal to 10% of the cash consideration in case the definitive documentation is terminated due to a breach by either party. The detailed arrangement shall be binding on all the relevant parties, subject to its lawful approval, including receipt of the court’s approval no later than June 30, 2019. The transaction is subject to receipt of a control permit, antitrust approvals, and absence of any law or governmental or judicial restraining order prohibiting the closing, appointment of a majority of Bcom’s Board Members, and at least 2 Board seats at Bezeq, no delisting or suspension of trading of either Bcom or Bezeq equity securities from Nasdaq or the TASE, all necessary corporate approvals at both the IGLD and Bcom levels including any necessary shareholder approvals. The first approval shall be received no later than 7 days from the date of offer, otherwise the offer will expire. The second approval shall be received by May 10, 2019, otherwise the offer will expire. The Court’s approval shall be received no later than June 30, 2019, otherwise the offer will expire. On April 15, 2019, Internet Gold announced that the first approval shall be received no later than April 16, 2019 otherwise the offer will expire. Amir Bartov and Ayana Wechsler of Shimonov & Co. acted as the legal advisor for Internet Gold. Gad Zeevi cancelled the acquisition of Internet Gold - Golden Lines Ltd. (NasdaqGS:IGLD) on April 8, 2020.