CTC finalises Ermes takeover bid

The Cyprus Trading Corporation (CTC) announced on Monday the completion of its mandatory takeover bid for Ermes Department Stores Plc. The company said the process related to the acquisition of up to 100 per cent of Ermes’ issued share capital had been finalised following the offer originally submitted on April 02, 2026. After a final review of acceptance and transfer forms, the total acceptance rate reached 9.14 per cent, corresponding to 15,957,667 shares of the target company. Of these accepted shares, 1,026,128 shares, or 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. The Cyprus Trading Corporation stated that when combined with the 77.21 per cent stake it already held directly at the expiry of the takeover bid on July 13, 2026, its total participation rose significantly. The company’s overall holding now stands at 86.36 per cent of the issued share capital, equivalent to 150,697,714 shares in Ermes Department Stores Plc. For shareholders who accepted the offer, payments were completed via bank transfers on July 23, 2026, the company confirmed. It added that the off-exchange transfer of securities has also been carried out through the underwriter operator. The Cyprus Investment and Securities Corporation Limited (CISCO) acted as both advisor to the offeror and underwriter operator in relation to the takeover bid, the company said. The completion of the process marks a substantial consolidation of ownership by Cyprus Trading Corporation in Ermes Department Stores Plc.