A LOCAL CONSORTIUM which was interested in taking over Barbados' largest conglomerate is now contemplating legal action, after two competing Trinidad companies withdrew from the race last week.

Head of the consortium, Tony Hoyos, said yesterday his group of investors was thinking of suing Trinidad giants ANSA McAL, and Neal & Massy, as well as Barbados Shipping & Trading over the debacle that culminated last week with ANSA McAL withdrawing its take-over bid.

"The withdrawal can be challenged on ethical and moral grounds," Hoyos said on the weekly radio call-in programme, Sunday Brasstacks.

Hoyos said such a move would set a precedent in Barbados, so his consortium would be augmenting a local legal team with international legal assistance.

The financier was also concerned with the continued silence of Barbados' regulatory body, the Stock Exchange Commission, regarding ANSA McAL's withdrawal from taking over BS&T last week.

"What does their silence say to the Barbadian public,?" Hoyos asked. "I really don't understand the silence of the regulatory body." Hoyos indicated he was quite disappointed with the actions of both Trinidadian companies in the battle for BS&T. He noted that Neal and Massy's previous offer was $8.50 cash per share or some shares as well.

"The new variation said the offer is now $7.90, yet on the Trinidad and Tobago Stock Exchange, they were recently acquiring shares at $9.09. Why come to shareholders now, and say we'll give you a combination worth $7.90, whereas they were prepared to offer some shareholders $9.09 a few days ago."

"What happened to cause the value to drop,?" Hoyos asked.

He revealed the consortium would keep their value in BS&T. "We have acquired shares on the local exchange in accordance with our state of intentions. Shares were offered to us, and we recommended Barbadians not sell them, but to hold on to shares unless they really wanted to sell them. We are holding on to our shares," Hoyos concluded. (BA)