Nicosia, Cyprus. Cyprus Trading Corporation (CTC) announced on Monday that it had completed its mandatory takeover bid for Ermes Department Stores Plc, raising its overall stake in the company to 86.36 per cent.
Takeover bid completed
The bid concerned the acquisition of up to 100 per cent of Ermes’ issued share capital and was finalised following the offer submitted on April 2, 2026.
Following a review of acceptance and transfer forms, the acceptance rate reached 9.14 per cent, representing 15,957,667 shares in Ermes Department Stores Plc.
Shareholding increase
Of the accepted shares, 1,026,128 shares, equivalent to 0.58 per cent of the issued share capital, were held by persons considered under the law to be acting in concert with the offeror.
CTC held a direct stake of 77.21 per cent at the expiry of the takeover bid on July 13, 2026. Its total participation has now increased to 86.36 per cent, equivalent to 150,697,714 shares.
Payments and adviser
Payments to shareholders who accepted the offer were completed through bank transfers on July 23, 2026, CTC said.
The company added that the off-exchange transfer of securities was completed through the underwriter operator.
The Cyprus Investment and Securities Corporation Limited (CISCO) acted as adviser to the offeror and underwriter operator for the takeover bid.