InsiderEconomyLone Star says it will not make an offer for Bank of...

Lone Star says it will not make an offer for Bank of Cyprus

Lone Star confirmed on Tuesday that it has no intention of making an offer for the Bank of Cyprus.

In a statement to the London Stock Exchange, it said “Lone Star confirmed today that it does not intend to make an offer for Bank of Cyprus.”

It also notes that Lone Star will be bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules and that it “reserves the right within the next 6 months to set aside this statement where so permitted under Rule 2.8 (including Rule 2.8(c)(ii))”.

The US fund has, so far, submitted three proposals for the buy-out of the island’s largest bank over the past two years. All three have been unanimously rejected by the Board of Bank of Cyprus.

The latest offer by Lone Star was roughly 700-million-euro with analysts saying the fund’s interest marks a sharp turnaround in fortunes for BoC.

The Bank was bailed out in 2013 amid the eurozone debt crisis and had to inflict losses on some depositors.

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