NKS submits bid for CTC

NK Shacolas Holdings, the family owned group owned by Nicos Shacolas has submitted a takeover bid seeking full control of Cyprus Trading Corporation (CTC) at EUR 2.50 per share, or a 9% premium compared to the previous closing price of CTC on the CSE at EUR 2.30 per share. The total bid value is estimated at EUR 159.43 mln in cash.

The total issued share capital of CTC amounts to 93.248.408 shares of which NK Shacolas Holdings holds 29.472.852 shares or 31.61% direct stake. Subsidiaries of the group and family members of Nicos Shacolas control another 14.001.990 shares or 15.02% of CTC while with others who are closely connected with Shacolas, the total direct and indirect stake is 45.221.744 shares or 48.50% of the capital of CTC.

NKS is offering EUR 2.50 per share in cash for the remainder of the shares that it does not own in CTC and is seeking to lift the stake to 100%, as defined by local M&A rules. The takeover bid will be considered as successful if the percentage holding exceeds 50%.

NKS announced that in order to finance the deal, it has secured financing from a banking organization.