Bank of Cyprus board rejects Marfin Popular Bank's public offer |
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Published
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Fri, 12 Jan 2007 19:26
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LONDON (AFX) - The Bank of Cypruss board said it is strongly advising shareholders to reject the public offer for it submitted by Marfin Popular Bank, describing it as hostile and lacking seriousness, given Marfin is in the throes of merging three banks which are not yet operationally integrated.The Bank of Cyprus said it is currently shaping and developing its new three-year business plan and is only interested in its autonomous development, signalling there would not be any rapprochement to the Bank of Piraeus that has previously made a cooperation-acquisition offer which it declined.The Cypriot institution added that the offer by Marfin Popular Bank may not be legally binding.The Bank of Cyprus added that the bid by Marfin was a 'dangerous' course of action and did not reflect the full value of the institution. Marfin Popular Bank earlier today said it was offering 1.214 of its shares for every share of Bank of Cyprus.skrekas@euro2day.grSource; Euro2day.gr Newswirenewsdesk@afxnews.comabr/twCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Marfin PB confirms will make public offer for Bank of Piraeus and Bank of Cyprus 