Aspis bids for MFS

Aspis Group SA of Greece has submitted a takeover bid seeking 50% plus one share of MFS Holdings Public Co. at 30 cent per share cash in a deal valued at CYP 4.5 mln (EUR 7.8 mln) according to Financial Mirror calculations.

The CSE rushed to suspend trading in MFS shares on Monday pending more information, but it is obvious that details of the deal were leaked since on Friday, the MFS shares rallied 18.3% higher to end at 21.3 cent on CYP 34.000 volume, while a week ago, the MFS shares were languishing at 15 cent per share.

The share capital of MFS amounts to 29.892.901 shares of 40 cent nominal value, giving a theoretical value of CYP 11.95 mln. Of these, only 17.392.901 shares are listed on the CSE while 12.5 mln issued shares are waiting approval from the CSE Council to list on the exchange, after a relevant prospectus was submitted to the CSE and the Cyprus SEC.

Aspis said that its takeover bid refers to 50% plus one share of the total issued capital of MFS, or 14.946.451 shares at 30 cent per share for a total bid value of CYP 4.5 mln.

Aspis announced that it already controls 619.781 of MFS capital through associate accounts.

The principle shareholders of MFS in control o 16.780.253 shares, or 56.1% of the capital including MFS Management — Lambros Christophi, George Constantinou and others have accepted the deal and expressed their support to back the bid.

The takeover bid is however subject to regulatory approval from the Competition Commission and the Superintendent of Insurance.

Egnatia Financial Services (Cyprus) Ltd. are advising Aspis on the deal.

After the failure by Aspis to wrest control of Universal Life Insurance Co., the Group decided to proceed with the takeover bid for MFS, which in effect will allow it to acquire the control of Liberty Life Insurance Co.

Liberty Life Insurance meanwhile announced that on May 26 it reached a deal to dispose of 1.426.162 shares of MFS Holdings Public Co. to Aspis at 30 cent cash.