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.