© Reuters. A passenger makes a transaction at a branch of Bank of Cyprus at the departures building of Larnaca Airport in Larnaca, Cyprus April 15, 2016. REUTERS/Yiannis Kourtoglou/File Photo
(Reuters) – Private equity firm Lone Star said on Friday its cash proposal to buy Bank of Cyprus Holdings PLC was rejected by the lender’s board.
Shares in the Cyprus-based firm, which are up about 11% so far this year, closed at around 1.14 euros on Thursday. Bank of Cyprus currently has a market cap of 524.3 million euros ($526.66 million), according to Refinitiv.
U.S.-based Lone Star which invests in real estate, equity, credit and other financial assets globally said it offered 1.50 euros ($1.51) per share for the bank.
The takeover proposal was first reported by Bloomberg News.
Last year, the bank agreed to sell a portfolio of non-performing loans and some real estate properties to Allianz (ETR:)’s Pimco for around 385 million euros.
($1 = 0.9955 euros)