A non-binding public offer presented to Byte Computer shareholders by Ideal Holdings to acquire at least 70% of the former was accepted by Byte Computer President and CEO Spyridoggeorgis Byzantios.

Mr. Byzantios, who owns 4,414,080 common registered shares, ie 27.909% of the company’s voting shares, said he was ready to transfer his shares to Ideal, while retaining the position of president and chief executive officer of the company.

As a reminder, Ideal offers 2.1 euros in cash per Byte share, as well as group shares with a total reward of 3.495 euros per share.

Byte, which would be delisted if taken over by Ideal, is controlled by the Byzantios family with a 55.4% stake, while Alpha Bank and Alpha Asset Management own 13.03% and 5.52%, respectively. Yesterday, the share price during trading on the Athens Stock Exchange closed at 3.16 euros, and its capitalization is 49.9 million euros.

CEO of Byte, Sp. Byzantios, owns 27.909% of the company’s voting shares.

The acquisition of a 70% equity stake in Byte appears to be in line with Ideal’s strategy to further strengthen its operations in the IT sector, where it has been present for several decades. As the announcement usually says, “Byte Computer ABEE’s major shareholder, Spyridoggeorgis Byzantios tou Christos, President and Managing Director, owner of 4,414,080 ordinary registered shares, i.e. 27.909% of the voting rights of the company, announces, for the purpose of a complete and timely evaluation of information from the investor public in connection with the ongoing optional public offer that it intends to accept the optional public offer and transfer its shares and related voting rights to Ideal Holdings AE in accordance with the procedure set out in the information sheet.”

The announcement also states that “Mr. Spiridogorgis Byzantios has accepted the applicant’s cooperation offer dated 07/28/2022 and intends to remain in the management of Vyte Computer ABEE as President and CEO of the company, and after the completion of the transaction in question, in case of successful completion of the non-binding public offer , that is, the purchase by the offeror of a share of more than 70% of the total number of voting shares of the company.

It is noted that for the 2021 financial year, Byte increased its consolidated turnover by 26% to 39.8 million euros, and net profit increased by 86%, to 3.1 million euros.

The IT company has contributed, among other things, to the introduction of the myHealth application, through which citizens have access to medical certificates, prescriptions and referrals from a mobile phone, and in 2021 expanded the availability of EDS for a wide range of state-owned companies and the private sector.