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Monday, October 23, 2006
In Jamaica, the Bank of Nova Scotia (BNS) and its local subsidiary, Scotia Jamaica have announced plans for a joint takeover bid to acquire between 75 to 80 per cent of the shares in the investment firm Dehring Bunting & Golding Limited (DB&G).The offer is a cash bid priced at J$21.08 the equivalent of $0.36 Canadian for each share of DB&G acquired. This represents a premium of eight per cent over the market price of DB & G as at October 13, 2006, which jumped 14 % in September when news of the take over was first announced. Rob Pitfield, executive vice-president of international banking for the Bank of Noca Scotia said that upon acquisition of the shares, DB&G will retain its current team of executives and will continue to be listed on the Jamaican and Trinidadian Stock Exchanges. The offer will open at 9:00 am on October 23, 2006 and is expected to close at 5:00 pm on November 27, 2006.
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