Shikun & Binui Ltd. (TASE:SKBN) made an offer to acquire an additional 10% stake in A.D.O. Group Ltd. (TASE:ADO) from the shareholders of A.D.O. Group Ltd. (TASE:ADO) for approximately ILS 150 million on August 20, 2017. Shikun & Binui will acquire up to 2.75 million shares of A.D.O. Group Ltd at an offer per share of ILS 56. Shikun & Binui Ltd already holds 40.15% stake in A.D.O. Group Ltd. Post-completion, Shikun & Binui will hold 50.15% stake in A.D.O. Group Ltd. The offer is subject to the shareholders holding at least 6% stake accepting the offer, in which case the remaining shares will be acquired through an automatic acquisition. The offer will close on September 10, 2017. As of September 4, 2017, the Board of A.D.O. Group Ltd. decided to refrain from expressing an opinion on the offer as most of the Board members expressed that they have personal interest in the tender offer and offered price per share is lower than the closing price of the share as of September 3, 2017 on the Tel-Aviv Stock Exchange. As of September 14, 2017, Shikun & Binui extended the closing date of the tender offer from September 10, 2017 to September 14, 2017. As of September 13, 2017, the closing date of the tender offer has been further extended to September 25, 2017. Excellence Nessuah Brokerage Services Ltd. acted as an offer coordinator in the deal. Ehud Helft and Kenny Green of GK Investor Relations acted as the public relation advisors in the transaction.

Shikun & Binui Ltd. (TASE:SKBN) cancelled the acquisition of an additional 10% stake in A.D.O. Group Ltd. (TASE:ADO) from the shareholders of A.D.O. Group Ltd. (TASE:ADO) on September 28, 2017. The tender offer was rejected by A.D.O Group.