BoC: Has not received any further approach from Lone Star
The board of directors of Bank of Cyprus Holdings PLC ('Bank of Cyprus' or the 'Company' and the 'Board') notes the announcement made by LSF XI Investments LLC ('Lone Star') on 27 September 2022 confirming that it does not intend to make an offer for Bank of Cyprus under Rule 2.7 of the Irish Takeover Rules and is therefore bound by the restrictions under Rule 2.8 of the Irish Takeover Rules.
>>> Read the announcement in Greek Language <<<
As announced by the Company on 19 August 2022, the Board has received and unanimously rejected three unsolicited, conditional, non-binding proposals from Lone Star on the basis that Lone Star’s proposals fundamentally undervalued the Company and its future prospects.
The Board confirms that it has not received any further approach from Lone Star following its rejection of Lone Star’s third proposal on 22 July 2022.
The Board remains confident in the Company's future prospects and remains committed to delivering its strategy of becoming a sustainably profitable institution capable of further supporting the Cypriot economy. Bank of Cyprus updated its medium-term strategic targets in February 2022 and upgraded its expectations in May and again in August 2022.
The Board reiterates the upgraded guidance given in August 2022, including delivery of a return on tangible equity of greater than 10% in 2023 and, subject to regulatory approvals and market conditions, a return to meaningful dividend distributions from 2023 onwards. The Board remains confident in its ability to implement its strategic objectives, delivering strong shareholder returns in the medium and long term.