Constantinou Bros Hotels subject of takeover bid

Andreas Constantinou, a major shareholder with a 35% stake in Constantinou Bros Hotels Pcl (CBH) has submitted a Public Offer to acquire a minimum 50% plus one share and a maximum 100% of the share capital of CBH at a cash consideration price of EUR 0.4575 per share. Furthermore, his brother, Agathoclis Constantinou holding an additional 35% stake in CBH has announced that he would accept the Public Offer.

For 2006 CBH reported net profit of EUR2.9 mln including an unrealized FX-related profit of EUR781k. The shareholders funds, or book value at the end of 2006 amounted to EUR105.6 mln or EUR0.657 per share.