19/01/2012 10:34
Elma announced today the cancellation of the BoD decision to acquire Liberty.
“With reference to the decision of the Board of Directors dated December 21, 2011 on the Public Offer for the acquisition of 100% of the shares of Liberty Life Insurance Public Co Ltd, at a meeting held on January 18, 2012, the Board of Directors decided to cancel the decision due to the unfavourable developments in the economy and the lack of liquidity in the market”, the announcement said.
The initial decision for a PO to Liberty was announced in December 2010. The proposed consideration was 4 Elma shares for every three Company’s shares.
In February 2011, the Cyprus Securities and Exchange Commission decided to prohibit the publication of the PO document and Elma appealed to the Supreme Court.
In December 2011, Elma submitted an application to the SEC for the re-examination of the PO.
“With reference to the decision of the Board of Directors dated December 21, 2011 on the Public Offer for the acquisition of 100% of the shares of Liberty Life Insurance Public Co Ltd, at a meeting held on January 18, 2012, the Board of Directors decided to cancel the decision due to the unfavourable developments in the economy and the lack of liquidity in the market”, the announcement said.
The initial decision for a PO to Liberty was announced in December 2010. The proposed consideration was 4 Elma shares for every three Company’s shares.
In February 2011, the Cyprus Securities and Exchange Commission decided to prohibit the publication of the PO document and Elma appealed to the Supreme Court.
In December 2011, Elma submitted an application to the SEC for the re-examination of the PO.
Related Articles
