E.V.H. Investments offers €4.20 per share for 100% of Salamis in public offer to shareholders

E.V.H. Investments Limited has announced to the investment public that the Cyprus Securities and Exchange Commission has approved the publication of the public offer document for the acquisition of up to 100% of the issued share capital of Salamis Tours (Holdings) Public Limited, the shares of which are listed on the Cyprus Stock Exchange.

This development follows an announcement by EVH Investments Limited (offeror) dated 12 November 2024 regarding the implementation of a mandatory public takeover offer to all shareholders of Salamis Tours (Holdings) Public Limited (Salamis, the company under acquisition) for the acquisition of up to 100% of the issued share capital of Salamis.

In a previous development, E.V.H. announced that on 10 December 2024, it purchased 3,900 shares of Salamis at a price of €4.20 per share and for a total consideration of €16,380.

Following the aforementioned acquisition, E.V.H. directly holds 31,173,604 shares representing approximately 85.34% of the issued share capital and voting rights of Salamis.

Based on the public offer document, the consideration offered to Salamis shareholders who accept the public offer is €4.20 per share payable in cash.

The proposed consideration of €4.20 per share is 28.83% in excess of the average closing price of the share on the day preceding the announcement of the public offer, as well as a surplus of 19.27% ​​in excess of the average closing price of Salamis' share for the 12 months preceding the announcement of the final decision to formulate the public offer.

Furthermore, the proposed consideration of €4.20 represents a premium of 105.73% compared to the net asset value per share of Salamis as of 30 June 2024, according to the unaudited interim condensed consolidated financial statements for the six-month period ended June 30, 2024.

The acceptance period of the public offer for Salamis shareholders begins on 18 December 2024 and ends on 31 January 2025, at 2:30 p.m.

The public offer document contains full details of the public offer, the consideration offered and a detailed description of the public offer acceptance process.

(Source: InBusinessNews)