Nicosia, Cyprus. The Cyprus Trading Corporation Plc (CTC) said CySEC has approved the public offer document for its proposed acquisition of Ermes Department Stores PLC (ERMES). The approval allows CTC to publish the document under the public takeover bids law of 2007 to 2022.
Regulatory approval and publication
CTC said CySEC approved the public offer document on May 15, 2026, enabling the company to proceed with publication of the document in line with the applicable legislation.
Mandatory takeover bid and current holdings
CTC said it had previously announced on April 2, 2026 that it would launch a mandatory public takeover bid to acquire up to 100 per cent of the issued share capital of Ermes. CTC holds 134,740,047 shares, representing 77.215 per cent of the company’s total issued share capital and voting rights. Including parties deemed to be acting in concert, the group controls 135,766,176 shares, corresponding to 77.803 per cent of the issued share capital.
Offer conditions and consideration
Under the law, the public offer is considered successful regardless of the acceptance level and is unconditional. CTC is obliged to acquire all shares tendered under the terms of the offer, provided no withdrawal or cancellation circumstances arise under the relevant article of the law. The consideration offered is €0.014 per share, payable in cash.
Acceptance period and document details
The acceptance period will begin on May 25, 2026 and run until July 13, 2026 at 14:30. CTC said the public offer document contains full details of the proposal, including the offered consideration and a detailed explanation of the acceptance procedure.
Will you accept the offer at €0.014 per share during the May 25 to July 13, 2026 acceptance period?