Jul 2007 Financial News

Neal & Massy confident of local support

Jul 16, 2007

AS BARBADOS SHIPPING & TRADING (BS&T) shareholders today await a cash offer from ANSA McAL in its hostile takeover bid, Neal & Massy maintains there is strong support here for its merger offer.

While the two Trinidadian corporate giants continue to appeal to the just more than 3000 BS&T shareholders, Neal & Massy's chief executive, Bernard Dulal-Whiteway, said there is "no reason to be alarmed" about who local shareholders will support.

"We continue to have tremendous support from shareholders of BS&T to the deal. . . we feel that there is still a lot of goodwill associated with the transaction," Dulal-Whiteway told BARBADOS BUSINESS AUTHORITY.

He said support for the merger was based on the working relationship the two companies had built over the past eight years.

"People need to understand that Neal & Massy and ANSA McAL are two very different companies. One is a family-owned business to a large extent; a lot of family members are in senior positions and the Sabga family owns between 50 and 60 per cent of the company," he added

ANSA McAL has promised a cash offer of $7 for every BS&T share and that the details would be revealed today. However, a local consortium led by Colin Brewer and Tony Hoyos has offered $7.50, but for only one million of the 75 million BS&T shares. Neal & Massy is offering one share in the merged company for every 2.75 BS&T shares.

Officials of ANSA McAL in Barbados and in Trinidad and Tobago have not responded to calls for comment on their takeover bid.

Source:
Geralyn Edward
Nation News Barbados
Monday 16th July, 2007

http://www.nationnews.com/story/296696462287786.php