CSE rejects Marfin bid, Piraeus allowed to proceed

The CSE Council has rejected the Marfin Popular Bank takeover bid seeking control of Bank of Cyprus citing violation of Artice 21 of the law and thus has ruled in the same way that the Securities & Exchange Commission had previously ruled, citing the same reasons.

This means that the Piraeus Bank offer seeking control of Marfin Popular Bank is the only valid takeover offer open to the public to consider. It is not clear if Marfin Popular Bank may filed a recourse against the CSE decision as it did with the SEC ruling.

The MPB bid was further complicated after Bank of Cyprus openly rejected the offer when it was officially notified on Monday.