Dolphin secures 99.1% stake in Aristo Developers, goes for “squeeze out”

Dolphin Capital Atlantis Ltd., the Cypriot-controlled property venture capital firm based in London, announced that following the expiry of the offer to purchase all the shares in Aristo Developers on July 16, it has accumulated a 99.1% stake in the target company.

This was regarded the largest property deal among all mergers and acquisition in the first half of 2007 and the second largest of the year’s first half.

Dolphin Capital took over Aristo Developers (ARD) from Theodoros Aristodimou, the Elma Group and through a public offer at EUR 2.15 cash per share for a total value of EUR 285.9 mln.

Having controlled 93.1% of the company’s capital at the end of the offer period, Dolphin Capital also received sale offers for 8 mln shares or 6% of the ARD capital, raising its control to 99.1%.

In accordance with CSE regulations, Dolphin Capital can now proceed with the “squeeze out” option” in order to complete the 100% takeover and delist ARD from the Cyprus stock market.

It has an obligation to offer a fair price to the remaining shareholders representing 0.9% of the company’s capital which is expected to be concluded within 21 working days, placing the final conclusion of the deal on August 16.