Minority shareholders of the Trinidad and Tobago listed Berger Paints are set to get a 67 percent premium on their shares, with Ansa Coatings offer of TT$6.76 for the shares.
The shares were trading at TT$4.05 on the last trading day, prior to the public announcement of the takeover by the Ansa Coatings.
On July 31, Ansa completed the purchase of 500,000 shares from Chan Ramlal Limited being 9.69 percent of the issued shares at the price of offer price. The transactions triggered an obligation by the Group to make a mandatory bid for the remaining shares at the price paid for the Chan Ramlal shares.
According to Ansa, “a consequence of the LBOH Acquisition and the purchase of the Chan Ramlal shares, ACI is the beneficial owner of 3,613,011 Shares and the registered owner of 500,000 Shares amounting in total to 4,113,011 Shares and together with the 60,606 Shares owned by Sissons Paints Limited, ANSA McAL is the deemed beneficial owner of and controls approximately 80.86 percent of the issued share capital of Berger.”
Berger Paints’ Jamaica minority shareholders were offered a negative price to that at which the stock was trading at locally, which was rejected by shareholders, holding 94 percent of the minority shares.
67% premium for Berger T&T
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Trinidad based conglomerate, ANSA McAL is set to acquire an additional 9.7 percent of Berger Paints in Trinidad. The acquisition if concluded, will give the group just under 81 percent of the company.
The group through subsidiary, ANSA Coatings International, through an International Business Company established in St Lucia, entered into a Share Purchase Agreement with Chan Ramlal Limited for the acquisition of 500,000 shares in Berger T&T, a release to the Trinidad & Tobago Stock Exchange stated. The ANSA McAL group already holds, 60,606 ordinary shares representing 1.17 percent in Berger.
On 16th June, 2017, ANSA McAL entered into a Share Purchase Agreement with Berger International Private for the acquisition of all of the 1,869,805 ordinary shares in Lewis Berger (Overseas Holdings). Lewis Berger owns 3,613,011 ordinary shares in Berger Trinidad, representing 70 percent of the shareholding, 100 percent of the 376,000 equity shares, of Berger Paints Barbados and 109,332,222 ordinary shares, representing 51 percent of the shareholding of Berger Paints Jamaica.
