The proposed takeover of Barbados Shipping & Trading (BS&T) has taken another development after Trinidad's AMCL Holdings Limited, a wholly owned subsidiary and affiliate of Ansa McAl Limited, announced its formal offer for all of the company's shares.
The AMCL bid is conditional on the firm acquiring at least 50.1 percent of the conglomerate and rivals the merger deal that Neal & Massy Holdings Limited had hoped to close with BS&T recently, which was held up until shareholders had a chance to meet and decide upon the proposal.
BS&T's 3,000 shareholders have until 21st August to accept the new $3.50 per share offer, a deal which would be worth between $132m and $263.5m depending on the level of acceptance.
Neal & Massy however, has indicated it has no plans to sell its 23 percent stake in BS&T and the conglomerate would press ahead with its proposed merger talks. Chief executive officer Bernard Dulal-Whiteway commented, $quot;Neal & Massy assures that the company will not sell any of its shares in BS&T to bidding parties.$quot;
BS&T's shareholders were expected to endorse the Neal & Massy deal in late June, but a surprise injunction was acquired by shareholders who wanted more time to study the bids, forced cancellation of the vote and the subsequent delay of any merger.
In terms of the new bid, to finance the purchase Ansa McAl will subscribe to 265m common shares in the capital of AMCL, paying $265m for the shares.