Cyprus SEC says Piraeus bid counts as first

…calls on Marfin to prove its case by Wednesday

 

The Cyprus Securities & Exchange Commission has ruled that the intention by Marfin Popular Bank to submit takeover bids seeking control of Bank of Cyprus and Piraeus Bank is illegal and in violation of Cyprus securities laws, in view of the fact that the SEC considers the Piraeus bid for Marfin to be the first.

Marfin however, has been given until Wednesday to plead for its case and prove that the submission of interest for Bank of Cyprus and Piraeus is not a “poison pill” move to thwart the takeover attempt by Piraeus.

The CSE meanwhile has stated that it will accept the simultaneous submission of the documents by both sides, leaving the last decision for shareholders to make.

Greek press reports suggest that Marfin will call as witnesses in its favour the Governor of the Central Bank of Cyprus Christodoulos Christodoulou, the Deputy Governor of the Bank of Greece, the Chairman of the CSE, and the Chairman of the Greek Capital Markets Commission.

Christodoulou was the only public official to officially admit that he had been informed of the intentions of Marfin by the Bank’s CEO Andreas Vgenopoulos, describing his gesture as a “kind initative”.