The disagreement on the price may be the reason for Bank Hapoalim's decision today.
Bank Hapoalim (TASE: POLI) has decided not to acquire Israel Discount Bank of New York from Israel Discount Bank (TASE: DSCT). In the notice to the Tel Aviv Stock Exchange (TASE) today, Bank Hapoalim did not mention the reason for the decision, merely saying, "The bank has decided not to pursue the examination process."
Last week, Bank Hapoalim confirmed a "Globes" report that it was in talks to acquire Discount Bancorp, in order to expand its international business. Discount Bank's asking price is around Discount New York's $900 million equity, but Bank Hapoalim was reportedly willing to pay less. The disagreement on the price may be the reason for Bank Hapoalim's decision today.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2013
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