Nicosia, Cyprus. Ermes Department Stores Plc appointed Grant Thornton Cyprus to prepare an independent opinion on a public takeover offer by Cyprus Trading Corporation Plc, following regulatory approval of the bid document.
Appointment of independent expert
Ermes Department Stores Plc said the decision was taken on May 19 by its board of directors, which selected Grant Thornton (Cyprus) Ltd as an independent expert to prepare a report on the public offer. The appointment follows approval of the public offer document by the Cyprus Securities and Exchange Commission and the launch of the acquisition process.
Offer terms and legal basis
Under the terms of the public offer document, shareholders who accept the bid will receive €0.014 in cash per share. The independent report, referred to as the Independent Opinion, is being prepared under Article 33 of the Public Takeover Bids Law of 2007, as amended.
Publication timeline and next steps
Once completed, the board will review the findings and prepare its own reasoned position, which will be published as the board’s opinion on the takeover bid. The independent assessment is expected to be submitted to the board in advance of June 16, 2026, when both opinions will be published and made available to shareholders and investors.
Regulatory framework and background
Ermes said the process forms part of the regulatory framework governing takeover bids in Cyprus, which requires an independent evaluation before shareholders receive the final board recommendation. The company noted earlier announcements that Cyprus Trading Corporation Plc has launched a mandatory public takeover bid to acquire up to 100 per cent of Ermes’ issued share capital, and that the Cyprus Securities and Exchange Commission approved the public offer document on May 15, 2026.
How will the independent opinion and the board’s position affect your decision on whether to accept the offer?