Private equity firm Lone Star, in a statement issued on Tuesday to the London Stock Exchange, said that it is not intending to submit a revised offer for the acquisition of the Bank of Cyprus.

It should be noted that the firm is bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. This section, which refers to the section titled ‘Statements of Intention not to Make an Offer’, under certain conditions, allows for the statement to be set aside, in turn allowing the firm to make a new offer within the next 6 months.