Scotia Group Jamaica says its majority shareholder has increased its offer to purchase shares held by minority shareholders from $61.50 to $75 per share.
The revised offer follows what the company says was an improved proposal from Scotiabank Caribbean Holdings, after Scotia Group recorded strong results in its second and third quarters.
The new price represents a premium of about 38 per cent over Scotia Group's 30-trading-day volume-weighted average share price before the privatization transaction was announced in June. It is also about 27 per cent above the company's closing share price on the Jamaica Stock Exchange on September 28.
The terms of the arrangement otherwise remain unchanged.
Shareholders will continue to have the option of receiving payment in either Jamaican or United States dollars, based on the Bank of Jamaica's applicable exchange rate.
The meeting of minority shareholders is scheduled for October 7. If approved, the transaction is expected to close in the fourth quarter, subject to court approval and other conditions.
The company says institutional shareholders, representing 21.12 per cent of the minority shareholding, have entered into voting support arrangements in favour of the transaction at the increased price.
Shareholders who have already submitted proxies and want to change their vote have until 11 o'clock on October 5 to submit a new proxy.
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