Jul 2007 Financial News

BS&T to have say on ANSA McAL offers

Jul 19, 2007

BY next week the Board of Directors of the Barbados Shipping and Trading (BS&T) should be having their say on the offers which ANSA McAL has tendered to the BS&T shareholders.

They plan to issue a Directors Circular on or before July 27 on the offers. As such they have urged shareholders not to act on the offers until they are in receipt of that circular.

On Monday ANSA McAL tabled a cash offer of US$3.50 a share for BS&T shares. However, it left the door partially open regarding the possibility of increasing the offer should the stakes get higher for the BS&T shares which were last quoted on the Barbados Stock Exchange at $7.32 a share.

The offer will open for acceptance until 5 p.m. on August 21, 2007, unless withdrawn or extended by the Offeror.

There is also an investment option whereby Barbadian and Trinidadian shareholders of the BS&T are allowed to take 50 per cent of the proceeds from the sale of their shares to ANSA McAL and invest them in ANSA McAL in Trinidad and Tobago.

In its offer document ANSA McAL said that the acquisition of the shares in the BS&T will permit the consolidation of complementary businesses, namely the business enterprises of ANSA McAL and its subsidiaries, with that of the business enterprises of BS&T and its subsidiaries.

This consolidation should have the effect of streamlining and strengthening capacity in the consolidated enterprise for the purpose of enhancing the regional and global competitiveness of the products and services of the combined group, said ANSA McAL.

Source:
The Barbados Advocate
Thursday July 19 2007

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