Cable & Wireless (West Indies) seeking outstanding common shares in C&W Barbados
BRIDGETOWN, Barbados – Cable & Wireless (Barbados) Limited (“Cable & Wireless Barbados”) announces today that it has received a proposal from Cable and Wireless (West Indies) Limited (“CWWI”) to acquire all issued and outstanding common shares of Cable & Wireless Barbados that it does not already own by way of an amalgamation.
CWWI currently owns approximately 81.07 per cent of the issued and outstanding common shares.
On Monday July 24, 2017, the Board of Cable & Wireless Barbados resolved to call a special meeting of its shareholders for August 24, 2017, to consider the recommended offer. Subject to receipt of the approval of two-thirds of the votes cast by the shareholders, the proposed transaction is expected to be completed on or around August 24, 2017.
Under the proposed amalgamation, shareholders will surrender their shares in Cable & Wireless Barbados in exchange for a cash payment of BBD$2.86 for each common share.
The cash consideration offered per common share represents a premium of 31 per cent over the closing share price of July 24, 2017, the day before the announcement of the amalgamation.
This cash offer was deemed fair from a financial point of view by an independent and well-respected accounting firm, Deloitte & Touche. Deloitte & Touche was engaged by the independent board members of Cable & Wireless Barbados to give an objective fairness opinion on the offer and determined that it was fair from a financial point of view to the shareholders of Cable & Wireless Barbados.
As such, the Board of Cable & Wireless Barbados, including the independent Board members, recommend this transaction to its shareholders.
This is another important step in Cable & Wireless Barbados’ efforts to enhance the company’s competitive positioning to the benefit of consumers and businesses. The transaction will also allow the company to focus on accelerating internal improvements and efficiencies by removing certain internal barriers and reporting procedures required as a publicly listed entity.
The special shareholders meeting to vote on the proposed transaction has been called for August 24, 2017 at the Hilton Barbados, St Michael, Barbados, at 11 a.m.
Following the proposed transaction, Cable & Wireless Barbados intends to apply to have its common shares delisted from the Barbados Stock Exchange.
Further information about the proposed transaction can be found in the Management Proxy Circular and Director’s Circular, a copy of which will be mailed to each shareholder, and is also available on the FLOW Barbados website as of today: https://discoverflow.co/barbados/about-us. (PR)