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LSF XI Investments LLC, which is part of US private equity firm Lone Star Funds, has confirmed Friday that it has made a proposal to acquire Bank of Cyprus Holdings PLC for €1.51 per share.
The offer was rejected by the Strovolos, Cyprus-headquartered financial services firm, however Lone Star still has until the end of September to either make a firm offer for Bank of Cyprus of confirm that it will make no offer.
Share in Bank of Cyprus closed 9.1% higher at 103.00 pence on Friday in London, giving a market capitalisation of €578.9 million.
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