Jul 2007 Financial News

ANSA McAL may sweeten deal

Jul 06, 2007

TRINIDAD & TOBAGO corporate giant ANSA McAL is prepared to sweeten its deal by offering Barbados Shipping & Trading (BS&T) shareholders a chance to purchase some of ANSA McAL's shares as part of its takeover offer.

It is the latest move in its hostile bid for control of Barbados' largest corporate entity whose directors had agreed to a merger with Neal& Massy out of Trinidad & Tobago.

In a statement publishedy, ANSA McAL reiterated that a firm $7 per share cash offer was coming on or before July 16.

"Ancillary to this offer will be an option granted to shareholders to utilise a portion of their cash consideration to purchase shares in ANSA McAL . . . and subject to the formula to be detailed in the offer document," the statement read.

ANSA McAL shares currently trade on the Barbados market at $22.37.

Meanwhile, the merger offer to BS&T shareholders will not expire until shareholders get a chance to meet and decide on it.

That's the word from chairman of Neal & Massy Arthur Lok Jack who told the WEEKEND NATION yesterday his company was prepared to wait until the extraordinary meeting of shareholders took place.

"When that meeting is held, we will then decide what our next step will be," he added.

Neal & Massy is offering one share in the merged entity for every 2.75 BS&T share. There are about 75 million shares outstanding in BS&T.

Meanwhile, BS&T's chief executive Anthony King said the conglomerate was doing all it could to lift a court injunction which stopped the shareholder meeting last month.

"BS&T is seeking to have the injunction lifted so that the meeting can take place and that shareholders can deal with the matter before them. The whole matter has to be decided on by shareholders one way or the other.

"To me it is only fair that shareholders be allowed to have their meeting," he added.


Source:
GERALYN EDWARD
Nation News Barbados
Friday 6th July, 2007


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