Bank of Cyprus Rejects Takeover Bid from US Private Equity Firm Lone Star
Private equity firm Lone Star said on Friday its cash proposal to buy Bank of Cyprus Holdings PLC (BOCH.CY) was rejected by the lender's board.
Shares in the Cyprus-based firm, which are up about 11% so far this year, closed at around 1.14 euros on Thursday. Bank of Cyprus currently has a market cap of 524.3 million euros ($526.66 million), according to Refinitiv.
U.S.-based Lone Star, which invests in real estate, equity, credit and other financial assets globally, said it offered 1.51 euros ($1.52) per share for the bank.
The takeover proposal was first reported by Bloomberg News.
Last year, the bank agreed to sell a portfolio of non-performing loans and some real estate properties to Allianz's Pimco for around 385 million euros.
(Source: Reuters)
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