25.08.2022
The Cyprus Securities and Exchange Commission (CySEC) is closely following Lone Star’s non-binding takeover bids for the Bank of Cyprus and is consulting with both the Bank of Cyprus and the Irish Takeover Commission, President of Cyprus Securities. and Exchange Commission (CySEC) George Theocharides told CNA.
The CNA invited Theohharides to comment on a press release from Bank of Cyprus Holdings PLC that he had rejected three voluntary, conditional, non-binding offers from Lone Star regarding a possible cash offer for all shares issued and to be issued . to the capital of the company.
CySEC is closely monitoring the matter to see if the provisions of the Acquisitions Act are being followed, Theohharides said.
He said some matters are under the jurisdiction of the Irish Takeover Commission and others under CySEC. He explained that it would be necessary to define the responsibilities of the two oversight bodies.
Senvest has been increasing its stake in the Bank of Cyprus in recent months, seeing the progress made at the Bank of Cyprus and the very good outlook that comes with the normalization of the bank’s NPLs, as well as the outlook for profitability
Senvest started investing in Cyprus around the end of 2012 as part of the financial crisis and its philosophy is to invest for the long term. It is one of the largest investors if not the largest Cypriot bank with a total investment of $100 million in BoC and Hellenic Bank.
