Aspis improves offer for USB

Aspis Pronia A.E.G.A. and Commercial Value A.A.E. submitted a revised public offer for the acquisition of a minimum of 40% and a maximum 50% plus one share of the issued share capital of Universal Bank (USB) at a cash consideration of CYP 1.36 or EUR 2.35 per share.

The initial public offer made by Aspis Pronia and Commercial Value was made at a consideration of CYP 1.10 per share or EUR 1.90 per share and was not approved by the Bank’s BoD. Additionally MFS Holdings, a subsidiary of Aspis Pronia A.E.G.A., agreed to acquire Marfin Popular Bank’s 35.12% participation in the share capital of Universal Life Insurance Public Company Limited (UL), for a consideration of EUR 24.08 mln. UL is the major shareholder in Universal Bank with a 61% stake.

The takeover bid submitted by Aspis for USB has been cleared by both the Central Bank of Cyprus and the CSE.