LB bid seen at 17-20 cent

The takeover bid for 100% control of Lanitis Bros. Public Co. Ltd. the local bottlers of Coca-Cola in Cyprus from the Greek 3E is expected to be priced at 17-20 cent per share according to unconfirmed reports.

Following the announcement of the bid interest, the share price of LB on the CSE rallied double limit-up or 32.7% on Thursday to 15 cent on CYP 339.741 volume as speculators snapped the shares hoping for a big premium in the bid price.

Some traders were hoping for at least a 24 cent price bid, or book value per share until end of June 30, 2005 for which there are available information, but others said the bid price may disappoint, if indeed it proves to be at 17-20 cent or CYP 50 mln for the whole of the company.

The Lanitis family controlling 50% of the share capital is reported to be close to selling its stake, with other institutionals sure to back the deal.

During Thursday trading, the CSE GENX closed 0.39% lower at 103.01 and the Main/Parallel index down 0.88% at 1605.57 points on total volume of CYP 1.09 mln.

BOC, closing 1.59% lower at CYP 2.47 was the most active on CYP 433.485 volume, LB was the second most active on CYP 339.741 volume, followed by Laiki, down 1.13% at CYP 1.75 on CYP 124.603 volume and HB up 1.89% at 0.54 cent on CYP 44.561 volume.