Updated: 30-08-2024 - 12:00PM 6 9 CLOSED
Aug 09, 2017
ANSA McAL on Monday announced its intention to make a takeover bid to acquire the 19.13 per cent stake in Berger Paints Trinidad Ltd that the conglomerate does not already own.
The offer will be made by August 23 and is as a result of the conglomerate acquiring more than 80 per cent of the shareholding of the paint manufacturer, in two separate blocks of shares.
T&T’s takeover bylaws require any entity acquiring 30 per cent or more of a listed company to make an offer to acquire the outstanding shares.
Both ANSA McAL and Berger Paints Trinidad Ltd are listed on the T&T Stock Exchange.
ANSA McAL first announced its intention to acquire Berger Paints on June 20 when it said it entered into a share purchase agreement with Chan Ramlal Ltd on June 12 to acquire 500,000 ordinary shares in Berger Paints Trinidad Ltd, representing 9.7 per cent of the company.
On June 16, ANSA McAL entered into a share purchase agreement with Berger International Private Ltd to buy Lewis Berger (Overseas Holding) Ltd, which owns 3,613,011 shares in Berger Paints Trinidad, representing 70 per cent of the company.
The conglomerate completed the acquisition of the Chan Ramlal stake on July 31 and the Lewis Berger stake effective July 24.
ANSA McAL previously held, through its wholly owned subsidiary, Sissons Paints Ltd, 60,606 ordinary shares in Berger, representing 1.17 per cent of the shareholding of Berger.
Those three blocks of shares taken together gave the conglomerate 80.87 per cent of Berger Paints Trinidad and triggered the takeover code.
The acquisition of both blocks of shares by ANSA McAL was done through ANSA Coatings International Limited (ACIL), its wholly owned subsidiary and an International Business Company established in St Lucia.
Apart from the 70 per cent stake in Berger Paints Trinidad, ANSA McAL’s acquisition of Lewis Berger (Overseas Holdings) Ltd also gave it shares that represent 100 per cent of the shareholding of Berger Paints Barbados Ltd as well as 51 per cent of the shareholding of Berger Paints Jamaica Limited, a publicly listed company incorporated under the laws of Jamaica.
Source:
Trinidad Express Newspapers
Wednesday August 9, 2017
http://www.trinidadexpress.com/20170809/business/ansa-mcal-lines-up-berger-takeover-bid