Tuesday, February 20, 2018

Delay over takeover of GHL*

...no approval from Central Bank

CENTRAL BANK GOVERNOR: Alvin Hilaire


JAMAICA'S largest financial institution, NCBFG, is for the second time postponing the closing date of its US$400 million bid to take control of T&T's Guardian Holdings (GHL), pushing the date back to February 23 from today, February 2.

The first time NCBFG extended the offer to acquire 74,230,750 GHL shares was in a notice on January 12, which was the original closing date of the offer. At the first extension, the Jamaican financial institution explained that it was pushing back the closing date of the offer because it had not received “certain other regulatory approvals required to be obtained by it before it may takeup and pay for any tendered offer shares” by January 12.

In extending the closing date of the offer yet again, NCBFG made it clear that it “elected to extend the closing date” by three weeks because of the Central Bank of T&T.

 

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