Polys Mallouppas and Andreas Mallouppas made a takeover bid to acquire a remaining 55.31% stake in Mallouppas & Papacostas Public Co. Ltd (CSE : MPT) for €4.5 million on March 24, 2022. The consideration offered is €0.19 cash per share, to all the shareholders.

The takeover bid is subject to receipt of valid acceptance of offer of at least 50% plus one share of the total issued share capital of Mallouppas & Papacostas, required approvals are obtained by the Cyprus Securities and Exchange Commission (“CySEC”). The Period of Acceptance of the Takeover Bid for the shareholders of Mallouppas & Papacostas commences on 11 May 2022 and ends on 4 July 2022. As of May 3, 2022 Cyprus Securities and Exchange Commission approved the deal.

As of July 6, 2022, the total percentage of acceptance of the Takeover Bid reached 9.17%, as the Acceptance and Transfer Forms submitted were for 3,964,293 shares however, the final percentage of acceptance may change in case where during the final review of the Acceptance and Transfer Forms and the documents required to accompany the forms it is ascertained that data is missing or the data are erroneous and therefore, cannot be accepted. The Cyprus Investment and Securities Corporation Limited acted as financial advisor of Polys Mallouppas and Andreas Mallouppas.