Mergers And Acquisitions Update Israel

1. Relevant Authorities and Legislation

1.1 What regulates M&A?

The acquisition of publicly-traded Israeli companies is governed primarily by the Companies Law, 5759-1999 (the "Companies Law") and the Securities Law, 5728-1968 (the "Securities Law"). In particular:

• Sections 314 to 327 of the Companies Law deal with acquisitions by way of merger. These sections are augmented by the Companies Regulations (Merger), 5760-2000.

• Acquisitions by way of tender offer are governed by Sections 336 to 340 of the Companies Law, and by the Securities Regulations (Tender Offer), 5760-2000.

• Acquisitions by way of a court-approved merger or similar arrangements are governed by Sections 350 and 351 of the Companies Law, as well as by the Companies Regulations (Application for Settlement or Arrangement), 5762-2002.