Cyprus Trading Corporation Plc has announced that the Cyprus Securities and Exchange Commission has approved the takeover bid document relating to its mandatory takeover bid for the shareholders of Ermes Department Stores PLC.
According to a relevent announcement sent to the Cyprus Stock Exchange (CSE), the approval and authorisation for publication of the takeover bid document were granted on 15 May 2026, following an earlier announcement by Cyprus Trading Corporation Plc (CTC) on 2 April 2026 regarding the submission of the mandatory takeover bid for the acquisition of up to 100% of the issued share capital of Ermes Department Stores PLC (ERMES).
According to the announcement, CTC directly holds 134,740,047 shares, representing 77.215% of the total issued share capital of ERMES. The Offeror and persons considered by law to be acting in concert with the Offeror collectively hold 135,766,176 shares, representing 77.803% of the total issued share capital of ERMES.
Under the provisions of the Takeover Bids Law of 2007 to 2022, the takeover bid is considered successful irrespective of the percentage of shares acquired through the process and is therefore unconditional. As a result, the Offeror is obliged to acquire all shares that will be offered under the terms of the takeover bid, provided no cancellation or withdrawal arises pursuant to Article 27 of the Law.
The consideration being offered to ERMES shareholders who accept the takeover bid is €0.014 per share in cash.
The acceptance period for ERMES shareholders will begin on 25 May 2026 and will end on 13 July 2026 at 14:30.
The takeover bid document includes full details regarding the offer, the consideration being offered and the procedure for accepting the takeover bid.
The takeover bid document, the Acceptance and Transfer Form, the Withdrawal Form and the Investor Order Form will be posted to ERMES shareholders holding at least 10,000 shares.
From 25 May 2026, the takeover bid document and all related forms will be available free of charge in electronic format through the websites of the Cyprus Stock Exchange and The Cyprus Investment and Securities Corporation Limited (CISCO).
Interested parties will also be able to obtain a free copy of the takeover bid document from the offices of CISCO at 1 Agiou Prokopiou and Posidonos Street, 1st Floor, Engomi, 2406, Nicosia, Cyprus.
