The Cyprus Securities and Exchange Commission (CySEC) has approved Logicom’s public offer to acquire up to 100 per cent of Demetra Holdings’ issued share capital, it emerged on Wednesday.

According to Logicom’s announcement, following its January 17, 2025, statement regarding the mandatory public offer, CySEC has reviewed and approved the offer document, allowing its publication on February 25, 2025.

As reported by Stockwatch, Logicom currently holds 76,984,453 shares in Demetra, representing 38.492 per cent of the company’s issued share capital and voting rights.

When combined with shares held by associated parties, this figure rises to 38.493 per cent.

As of January 17, when the public offer was announced, Logicom—a wholly owned subsidiary of Demetra before the transaction—held 59,832,100 ordinary Demetra shares, each with a nominal value of €0.70, amounting to 29.916 per cent of Demetra’s issued share capital.

For the public offer to be deemed successful under Article 10(1) of the Takeover Bids Law of 2007 to 2022, Logicom must receive acceptances that push its total voting rights in Demetra beyond 50 per cent.

If this threshold is not met, Logicom will not be permitted to accept a lower percentage of acceptances.

Under the offer terms, Demetra shareholders who accept the bid will receive €1.55 per share in cash.

The acceptance period for the offer opens on March 5, 2025, and closes on April 14, 2025, at 14:30.

The offer document provides full details on the bid, the offered consideration, and the acceptance procedure.

Copies of the offer document, acceptance and transfer forms, withdrawal forms, and investor instruction forms will be mailed to Demetra shareholders holding at least 25,000 shares, equivalent to 0.0125 per cent of the company’s issued share capital.

The approved offer document will be available electronically, free of charge, from March 5, 2025 on the Cyprus Stock Exchange’s website and the website of the offer’s financial advisor, the Cyprus Investment and Securities Corporation Limited (CISCO).

*This article is a translated version of content originally published on StockWatch.