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LSF XI Investments Mulls Revised Offer to Acquire Bank of Cyprus

By Sabela Ojea

LSF XI Investments LLC, or Lone Star, said Tuesday that it is considering a revised offer for Bank of Cyprus Holdings PLC after the lender rejected its latest cash proposal in August.

The private equity firm said its revised offer proposal for the financial services company would be made by a scheme of arrangement instead of by a takeover bid.

“There is no certainty that any formal, firm offer to acquire Bank of Cyprus will be made nor as to the terms on which any such offer might be made,” the company said.

On Aug. 19, Lone Star said its offer to buy the bank’s entire issued share capital for 1.51 euros ($1.50) a share had been rejected by the lender’s management, which claimed the offer undervalued the company.

Shares in Bank of Cyprus are up 3.00 pence, or 2.8%, at 109.50 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix