A&P (Andreou & Paraskevaides) Investments Ltd made a voluntary takeover bid to acquire remaining 40% stake in A & P (Andreou & Paraskevaides) Enterprises Public Company Limited (CSE:APE) for €11.3 million on September 26, 2017. The consideration offered for the acquisition of the shares of A&P Enterprises is €0.155 per share in cash, to all the shareholders who will accept the takeover bid. Under the transaction, A&P Investments will acquire a minimum of 90% plus one share of the issued share capital of A&P Enterprises, whose shares are listed on the Cyprus Stock Exchange. A&P Investments will make arrangements with a banking institution in Cyprus for the payment of the consideration. The transaction is subject to the receipt of valid acceptance for such number of A&P Enterprises' shares, that if added to the current direct holding of A&P Investments, will provide it with at least 90% plus one share of the total issued share capital of A&P Enterprises. The transaction is also subject to approval by the relevant regulatory authorities and the Cyprus Securities and Exchange Commission. Cyprus Securities and Exchange Commission approved the publication of the Takeover Bid Document on November 6, 2017. The bid commences on November 14, 2017 and ends on January 5, 2018. The Cyprus Investment and Securities Corporation Limited acted as the financial advisor and the underwriter to A&P (Andreou & Paraskevaides) Investments Ltd in the transaction. Grant Thornton (Cyprus) Ltd acted as auditor and independent expert for A&P (Andreou & Paraskevaides) Enterprises Public Company Ltd to prepare an assessment report for the deal. A&P (Andreou & Paraskevaides) Investments Ltd completed the acquisition of remaining 40% stake in A & P (Andreou & Paraskevaides) Enterprises Public Company Limited (CSE:APE) on January 5, 2018. A&P (Andreou & Paraskevaides) Investments Ltd reached minimum tender for the deal. The total acceptance under the tender offer reached 35.49%, which equates to 64.85 million shares of A & P (Andreou & Paraskevaides) Enterprises Public Company Limited. As a result, A&P (Andreou & Paraskevaides) Investments Ltd reached a total ownership of 95.49%. Upon the completion of the transfer of shares from the shareholders, the offeror intends to exercise the Squeeze Out right provided by Article 36 of the Law in order to acquire 100% of the shares of A & P Enterprises at the price of €0.155 per share. This right may be exercised within three months of the end of the time allowed for acceptance of the Takeover Bid. The Offeror will subsequently apply for the delisting of the shares of the Offeree Company from the Cyprus Stock Exchange. As on January 29, 2018, Cyprus Securities and Exchange Commission approved the application for the exercise of the squeeze out right.