Ermes Department Stores Plc on Thursday announced the appointment of Grant Thornton Cyprus to prepare an independent opinion on a public takeover offer submitted by Cyprus Trading Corporation Plc (CTC), following regulatory approval of the bid document and the launch of the acquisition process.

The decision was officially taken on May 19 by the board of directors of Ermes Department Stores Plc, which confirmed it had selected Grant Thornton (Cyprus) Ltd as an independent expert to prepare a report on the public offer.

The appointment relates to the takeover bid submitted by Cyprus Trading Corporation Plc, which has already been approved by the Cyprus Securities and Exchange Commission.

Under the terms of the public offer document, shareholders who accept the bid will receive €0.014 in cash per share.

The independent report, referred to as the Independent Opinion, is being prepared under the provisions of Article 33 of the Public Takeover Bids Law of 2007, as amended.

Once completed, the board will review the findings and prepare its own reasoned position, which will be published as the board’s opinion on the takeover bid.

The independent assessment is expected to be submitted to the board in advance of June 16, 2026, when both opinions will be published and made available to shareholders and investors.

The process forms part of the regulatory framework governing takeover bids in Cyprus, which requires an independent evaluation before shareholders receive the final board recommendation.

The development follows earlier announcements confirming that Cyprus Trading Corporation Plc has launched a mandatory public takeover bid to acquire up to 100 per cent of Ermes’ issued share capital.

The Cyprus Securities and Exchange Commission approved the public offer document on May 15, 2026, allowing the process to proceed under the relevant takeover legislation.

CTC currently holds 77.215 per cent of Ermes’ issued share capital, amounting to 134,740,047 shares, while together with parties acting in concert it controls 77.803 per cent, or 135,766,176 shares.

Under the legal framework, the offer is deemed unconditional regardless of acceptance levels, meaning CTC is required to acquire all validly tendered shares unless withdrawal provisions apply.

The acceptance period for the offer is set to run from May 25, 2026 until July 13, 2026 at 14:30.

Shareholders will receive full documentation outlining the offer terms and procedures, including acceptance and transfer forms, withdrawal forms and investor instructions.

These documents will be sent to shareholders holding at least 10,000 shares, while electronic copies will be available free of charge from May 25, 2026 via the Cyprus Stock Exchange website and the website of the offer adviser, the Cyprus Investment and Securities Corporation Limited.