BLC Bank SAL (BDB:BLC) made an offer to acquire remaining 1.61% stake in USB Bank Plc (CSE:USB) for €0.8 million in cash on March 3, 2015. Under the terms of the offer, BLC Bank will acquire 2.7 million shares at €0.3 per share. BLC Bank has the financial means to finance the offer.

The offer is subject to all necessary approvals by the relevant regulatory authorities. As of April 17, 2015 the transaction has been approved by the Cyprus Securities and Exchange Commission. The acceptance period of the public takeover for the shareholders of USB commences on April 24 2015 and ends on May, 25 2015.

An extra ordinary general meeting of the shareholders of USB will be held on May 28, 2015, to approve the delisting of USB from Cyprus Stock exchange following the completion of offer. As of May 8, 2015, the offer has been approved by the Board of USB Bank and considers the offer to be fair and reasonable. Terence Kiely of BDO acted as the fairness opinion provider for the Board of USB Bank.

The Cyprus Investment and Securities Corporation Limited acted as the financial advisor for BLC Bank.