The long and protracted takeover of Barbados Shipping & Trading (BS&T) has seen further moves from both Neal and Massy Holdings and AMCL Holdings Ltd, a wholly-owned subsidiary of Ansa McAl Ltd.
While it had perhaps been thought that AMCL had the upper hand and was most likely to conclude a deal, Neal and Massy has recently increased its stake in BS&T from 23% to 27.9% and taken another step forward towards a full takeover.
The latest move in a long-standing rivalry between the 2 companies vying to complete the transaction, such renewed activity continues to drive up the offer price and revalue the listed company month by month.
The Neal and Massy offer to takeover the Barbadian firm closes on 18th October.
AMCL has amended its offer however, by way of tendering a higher price to shareholders of BS&T – raising its offer price from $9 to $10 for shares. In what is now a major campaign for the purchase of the company, it is the third time Ansa McAl has adjusted its offer to buy the shares.
The current offer from Ansa McAl will expire on 22nd October 2007 unless withdrawn or extended, though rival bidder Neal and Massy Holdings needs only another 23% stake to have a majority hold on BS&T.