Bank of Cyprus Rejects Takeover Proposals From Lone Star (1)

Bank of Cyprus Holdings Plc rejected three takeover proposals from Lone Star Funds, saying the offers undervalued the island country’s largest lender.

The Cypriot bank on July 22 rejected a third, improved proposal of 1.51 euros per share from Lone Star, according to a statement from the lender on Friday. Bloomberg News had earlier reported the approach, which was then confirmed by Lone Star.

Under takeover rules, Lone Star has until 5 p.m. on Sept. 30 to announce whether it will make a formal offer. There is no certainty a bid will be made after the three previous proposals, ...