MPB sues Piraeus, 41.82% reject offer

Marfin Popular Bank Public Company Ltd (CPB) announced that Powe Capital Management, MFG, The Employees Provident Fund, Laiki Cyprialife, Insight Investment and Tosca Fund with a total of 14.17% shareholding in CPB rejected the public offer of Piraeus Bank for the acquisition of 40%-100% of CPB offering 1 share of Piraeus for 5.7 shares of CPB. The new statement when combined with the intention of other shareholders to reject the deal brings the total rejection rate to 41.82%.

In another development, CPB announced that following the refusal of Piraeus Bank for cooperation and information disclosure and given the libelling nature of the Public Offer towards CPB shareholders, it proceeded with legal actions in order to protect the Bank’s and the shareholders’ best interests. The legal actions are against Piraeus Bank, Michael Sallas and Mr. Michael Kolakides asking for compensation related to property damage, libel, illegal use of confidential information, market manipulation at CPB’s expense and illegal interference in CPB’s business and operations.