Open to offers

THE DOOR HAS BEEN LEFT OPEN for Sagicor to accept an acquisition offer better than the US$536 million one now on the table from Canadian company Alignvest Acquisition II Corporation.

Sagicor Financial Corporation group chief operating officer Ravi Rambarran has revealed this, adding the possibility of a takeover battle was covered in the arrangement agreement between the two entities.

On Tuesday, Sagicor and Alignvest announced they had reached a deal where Alignvest would acquire all of Sagicor’s shares for US$536 million (US$1.75 per share).

Officials said once regulatory approval was received, Sagicor would be listed on the Toronto Stock Exchange and delisted from the Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the London Stock Exchange.

They added that completion of this arrangement was “dependent upon certain conditions and other regulatory approvals, as well as approval by the shareholders of Alignvest and Sagicor”. If conditions are met, the transaction is expected to close during the first quarter or early in the second quarter of 2019 (SC)

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