The GraceKennedy Group says it has extended its timeline for the $404 million takeover of Key Insurance Company from April 20 to May 22 this year.
The company, however, stressed that this extension of time does not change the terms and conditions of the offer, which remains at $2.70 per share.
The attempt to take over the company started on March 4 when the GraceKennedy Financial Group indicated that it wanted to buy the remaining 23.73% of the shares in the insurance company after spending $1.1 billion to purchase an almost 73% stake.
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