Lone Star’s bid for Bank of Cyprus being closely monitored

Cyprus Securities and Exchange Commission (CySEC) chairman George Theocharides on Thursday said that the commission is closely monitoring the non-binding takeover offers submitted by private equity firm Lone Star for the Bank of Cyprus.

On August 19, the Bank of Cyprus said that it had received and unanimously rejected “unequivocally” three unsolicited, conditional, non-binding proposals from Lone Star.

It added that Lone Star offered €1.51 per share for the bank.

This followed two previous offers made by the private equity firm.

The first offer, on May 5, was for €1.25 per share, and the second, on May 25, for €1.38 per share. [Cyprus Mail]