FirstCaribbean has announced that the mandatory offer by CIBC Investments (Cayman) Limited (CICL) to purchase any and all of the issued and outstanding common shares of FirstCaribbean closed on Tuesday, January 30.
CICL has indicated to FirstCaribbean International Trust and Merchant Bank (Barbados) Limited, the Dealer Manager for the offer, that it has taken up and intends to pay for all the tendered shares in accordance with the Circular distributed in connection with the offer.
129,804,474 shares have been tendered during the Offer Period. CICL now owns 91.490% of the shares of FirstCaribbean International Bank Limited. In accordance with the Offering Circular, the purchase price per tendered share is US$1.6335.
CICL has restated its commitment to maintaining a strong minority in FirstCaribbean International Bank Limited.
FirstCaribbean, which is listed on the Barbados, Jamaica, Trinidad and Tobago and the Eastern Caribbean Stock Exchanges, is the largest regionally-listed bank in the English-speaking Caribbean, with assets of $12.4 billion and a market capitalization of over US$2.8 billion.
CIBC’s history in the Caribbean dates to 1920. In 2002, CIBC acquired a 43.7% ownership stake in FirstCaribbean when its Caribbean operations were merged with those of Barclays to form FirstCaribbean.
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