Stademos Holdings Limited made a mandatory tender offer to acquire the remaining 29.76% stake in Stademos Hotels Plc (CSE:SHL) for €17.4 million on March 8, 2019. Pursuant to the terms of the offer, Stademos Holdings will acquire 11.61 million Stademos Hotels Plc shares at €1.5 per share. The consideration will be paid in cash. Stademos Holdings already holds around 70.24% stake in Stademos Hotels and as a result of this acquisition, will increase its stake to 100%. Stademos Holdings has proceeded with all necessary arrangements with a banking institution in Cyprus for the payment of the proposed consideration to the shareholders of Stademos Hotels who will accept the takeover bid. The offer is subject to the condition that the required approvals are obtained by the Cyprus Securities and Exchange Commission (“CySEC”) as provided by the Law. On April 16, 2019, the Cyprus Securities and Exchange Commission approved the publication of the takeover bid document. The period of acceptance of the takeover bid for the shareholders of Stademos Hotels commences on April 24, 2019 and ends on June 7, 2019. The Cyprus Investment and Securities Corporation Limited acted as financial advisor to Stademos Holdings Limited. The Cyprus Investment and Securities Corporation Limited is also acting as the underwriter in this transaction. Stademos Holdings Limited completed the acquisition of remaining 29.76% stake in Stademos Hotels Plc (CSE:SHL) on June 7, 2019. The total percentage of acceptance of the takeover bid reached 9.5 million shares, representing 24.24%. In addition, Stademos Holdings acquired 0.16 million shares via the purchase of shares from the Cyprus Stock Exchange during the acceptance period. This gives Stademos Holdings Limited, a total participation of 94.90% Stademos Hotels shares. Stademos Holdings intends to exercise the Squeeze Out right provided by Article 36 of the Law in order to acquire 100% of the shares of Stademos Hotels at the price of €1.50 per share. This right may be exercised within three months of the end of the time allowed for acceptance of the takeover bid. The offeror will subsequently apply for the delisting of the shares of the Offeree Company from the Cyprus Stock Exchange. As of June 26, 2019, Stademos Holdings submitted an application to the Cyprus Securities and Exchange Commission for the exercise of the Squeeze Out right provided by the Law. As of July 24, 2019, Stademos Holdings has completed the squeeze out offer for the remaining shares of Stademos Hotels. The price per share offer offered for the acquisition is the same as the offer before, i.e €1.5. The remaining shares of 1.987 million shares equating to 5.1% have been acquired.