Papantoniou Supermarkets subject of takeover bid

C.A.C Papantoniou Public Co Ltd (PAPA.CY) announced that Messrs. Charalambos, Antonis and Costas Papantoniou, major shareholders and Board members, have acquired via off-floor transactions 2,318,720 shares of C.A.C Papantoniou Public Company Limited against EUR1.60 each and intend to submit a bid seeking the remaining shares through a public offer.
The shares were acquired from the following: Savvas Michael – 1,074,000 shares. Unigrowth Investments Public Ltd – 764,720 shares and G.P.C Unimarket Ltd – 480,000 shares.
As a result, Charalambos, Antonis and Costas Papantoniou hold – directly and indirectly – 18,563,188 shares or 81.40% of the total shares of C.A.C Papantoniou Public Company Limited and will submit a Public Offer for the acquisition of 100% of the shares of C.A.C Papantoniou Public Company Limited at the same price of EUR 1.60 per share in a deal valued by the Financial Mirror at EUR 6.8 mln.
The bid offer price is at a 15% premium to the share price trading on the CSE a day before the bid was announced and at a 60% premium to the book value of EUR 1.02 per share as at 30 June 2008.