Bank of Cyprus rejects 3 Lone Star bids for share buyout

NICOSIA, Cyprus (AP) — Cyprus’ largest bank says it has rejected three successive cash bids by LSF XI Investments LLC to buy all its share capital over the last three months on the grounds that they “fundamentally undervalue” the financial institution. In a statement Friday, the Bank of Cyprus said the first bid was made May 5 at 1.25 euros ($1.26) per share, followed by a second bid 15 days later. A third bid by LSF XI Investments — also known as Lone Star — was made July 8 at 1.51 euros ($1.52) per share. The bank’s board said it “unequivocally” rejected the bids because apart from undervaluing it and its future prospects, they were “not in the best interests of the company.”