Saturday, March 17, 2018

NCBFG’s takeover bid collapses*

Flashback, November 2015: Guardian Holdings Ltd (GHL) director Imtiaz Ahamad, from left, Arthur Lok Jack, chairman of GHL, and Michael Lee-Chin, chairman of NCBJ, at at a press conference to announce that NCBJ would acquire 29.9 per cent of the insurance group at Hyatt Regency hotel in Port of Spain.

Jamaica’s largest financial institution, the NCB Financial Group allowed its US$400 million bid to take control of Westmoorings-based Guardian Holdings Ltd (GHL) to lapse yesterday, following the announcement by T&T’s securities regulator that it proposed to hold expedited hearings to determine whether the offer breached any laws or bylaws.
In a statement yesterday, NCBFG declared that its bid to take control of GHL had “unfortunately lapsed due to the failure of condition 2.4.5” of the offer document. That condition states that the offer is subject to “no governmental, supranational or trade agency or regulatory body…having instituted any action, suit or investigation,” that might adversely affect the offer.

To get the full story, subscribe or login