Acro Notifies Customers of Data Transfer Ahead of Israel Canada Merger

Acro notified customers on October 28 that ownership of databases containing their personal records would pass to Israel Canada when the companies complete their merger. The notice addresses both the transfer of information and continued mailing after the merger. It concerns preparations for the transaction, rather than an announcement that the merger has closed. Acro's notice said: “Before completing the merger, we wish to inform you about transferring ownership of databases containing your details and continued mailing after the merger.” The information to be transferred includes customers' transactions with Acro and the associated financial and legal information. The customer notification follows an October 16 report by Israel Canada setting out the expected closing timetable. The company said all conditions had been met apart from receipt of the Companies Registrar's merger certificate. It expected that certificate on October 29, a record date on October 30, completion on November 1 and trading in the new securities from November 2. Those dates remained conditional on receipt of the certificate and publication of the relevant immediate report. The October 16 report put the consideration at approximately NIS 1.24 billion in cash and 91,947,957 Israel Canada shares. It said NIS 310 million payable to certain controlling shareholders would be deferred, without affecting other shareholders' cash payments. Acro's two bond series would become Israel Canada series 10 and 11 without changes to their terms.