ctc acquisition — ctc acquisition — Ermes Department Stores Plc has appointed Grant Thornton Cyprus to provide an independent opinion regarding a public takeover offer made by Cyprus Trading Corporation Plc (CTC). This decision comes after the bid document received regulatory approval, marking the official start of the acquisition process.
Ctc acquisition: Board Decision Marks Significant Step
The board of directors at Ermes made the decision on May 19 to engage Grant Thornton (Cyprus) Ltd as the independent expert. This appointment is crucial as it aims to ensure that shareholders receive a fair assessment of the takeover bid.
Details of the Takeover Offer
Cyprus Trading Corporation Plc has proposed a public takeover bid to acquire up to 100% of Ermes’ issued share capital. Following the approval from the Cyprus Securities and Exchange Commission on May 15, 2026, the process is now underway. Under the terms of the public offer, shareholders who accept the bid will receive €0.014 for each share they hold.
Independent Opinion to Guide Shareholders
The independent report, referred to as the Independent Opinion, is being prepared in accordance with Article 33 of the Public Takeover Bids Law of 2007, as amended. This report will assess the fairness of the offer and is a mandatory step in the takeover process, ensuring that the board can present a reasoned position to its shareholders.
Timeline for the Acquisition Process
The independent assessment is anticipated to be submitted to the board before June 16, 2026. On this date, both the independent opinion and the board’s own assessment will be published and made accessible to shareholders and investors. This dual-opinion approach is designed to provide a comprehensive view of the offer.
Current Shareholding and Offer Conditions
CTC currently holds 77.215% of Ermes’ issued share capital, which equates to 134,740,047 shares. When including associated parties, this figure rises to 77.803% or 135,766,176 shares. Notably, under the legal framework governing such offers, the bid is considered unconditional, obligating CTC to acquire all validly tendered shares unless withdrawal provisions are invoked.
Acceptance Period and Shareholder Information
The acceptance period for this takeover offer is set from May 25, 2026, to July 13, 2026, concluding at 14:30. Shareholders will receive detailed documentation outlining the terms of the offer, including acceptance and transfer forms, withdrawal forms, and instructions for investors. This information will be distributed to shareholders holding a minimum of 10,000 shares.
Accessibility of Offer Documentation
For shareholders who do not receive physical copies, electronic versions of the documentation will be available free of charge from May 25, 2026. These can be accessed via the Cyprus Stock Exchange website and the Cyprus Investment and Securities Corporation Limited’s website.
Regulatory Framework for Takeovers in Cyprus
This development highlights the regulatory framework that governs takeover bids in Cyprus, which requires an independent evaluation before a final recommendation can be made to shareholders. Such measures are put in place to protect investor interests and ensure transparency during the acquisition process.
As the acquisition progresses, the collaboration between Ermes and Grant Thornton Cyprus will be pivotal in determining the outcome of this significant corporate move. Shareholders and market watchers alike will be keenly observing how this process unfolds in the coming weeks.
