NCB to go for 52% of Guardian Holdings

The way is now cleared for NCB Financial Group to go after nearly 52 percent of Guardian Holdings shares at US$2.65 each, a release from the Trinidad and Tobago Financial Services Commission states.
NCB group had made an offer to take over up to 62 percent of the shares at US$2.35 and received offers well in excess of this amount. Some minority shareholders objected to the pricing and took the matter to the Commission. While the new price will cost NCB more than originally agreed if they were to go for the original target, Guardian has now made more profit and would therefore be worth more than at the time the original offer was made.
The NCB Group already owns 29.9 percent of the Guardian shares and just needs to pick up 22 percent of the overall shareholdings to land them the majority of the shares. The two largest shareholders in the Guardian had signed an agreement to sell to NCB.
In effect the minority shareholders action resulted in a negative outcome for those shareholders who had originally offered their shares for sale.