Cyprus Securities and Exchange Commission approves CTC takeover bid for Ermes Department Stores

The Cyprus Securities and Exchange Commission has approved the public takeover bid submitted by Cyprus Trading Corporation Plc (CTC) for all issued share capital of Ermes Department Stores PLC (ERMES). The document will be published on May 15, 2026. CTC currently holds 134,740,047 shares, equivalent to 77.215% of ERMES, with its total interest reaching 77.803% when accounting for parties acting in concert. The offer is unconditional and considered successful regardless of the final number of shares acquired, unless revoked or cancelled under Article 27 of the relevant law. CTC is obligated to purchase all offered shares at a cash price of €0.014 per share. The acceptance period for shareholders begins on May 25, 2026, and concludes on July 13, 2026, at 14:30. Full details, including acceptance and withdrawal forms, will be available electronically from May 25, 2026, or via the investment advisor, CISCO. Shareholders holding at least 10,000 shares will receive these documents by mail.