After many months of wrangling, Barbados Shipping & Trading Company Limited (BS&T), the island’s largest business conglomerate, has been taken over in a multi-million dollar buy-out by one of its big shareholders, Trinidad-based Neal and Massy Limited.
Neal and Massy, a similar conglomerate operating in Trinidad and Tobago and much of the English Caribbean for over 80 years, had formerly owned 27.8 per cent of BS&T.
Neal and Massy Chief Executive officer, Bernard Dulal-Whiteway, issued a public statement declaring that his company had been offered and now owns nearly all of the BS&T shares and would compulsorily acquire the remainder.
“Neal and Massy now beneficially owns an aggregate of 73,781,468 shares of BS&T, representing approximately 97.04 per cent of the issued and outstanding shares……” said Dulal-Whiteway.
“Since the Neal and Massy offer was accepted by holders of more than 90 per cent of the issued and outstanding shares of BS&T not held by or on behalf of Neal & Massy, Neal and Massy will exercise its rights under the compulsory acquisition provisions of the Companies Act……of the laws of Barbados to acquire all outstanding shares in BS&T not already owned by Neal and Massy.”
The announcement capped a long-running bidding war by multiple companies in Barbados and Trinidad and Tobago for BS&T.
Neal & Massy Holdings announced in February 2008 that it will pay $8.50 cash per share to all BS&T shareholders who selected the cash/share consideration.
In the take-over tussle that started in 2007, another Trinidadian corporate giant, Ansa Mcal, had offered Barbados shareholders up to $7 for each of their BS&T shares. Also in the melee was an offer of $7.50 per share by a Barbados consortium led by Colin Brewer and Tony Hoyos, but for only one million of the 75 million BS&T shares.
BS&T, which was founded in 1917, is involved in over 20 businesses. The group is engaged in trading, tourism, manufacturing, servicing, insurance, and property management activities. Its businesses are involved in wholesaling and retailing products ranging from food to vehicles, automotive products, furniture and appliances.
The company also offers insurance, ground handling services for shipping lines and airlines, as well as property management. In addition, BS&T makes paper products, animal feed, margarine, and soy-based products. Further, the company provides banking and financial services.
The Port-of-Spain-based Neal and Massy Group of Companies is a conglomerate operating in the majority of the English-speaking countries of the Caribbean.
Operations cover a wide spectrum of industries, namely automotive/industrial equipment and support services, energy, financial and other services, industrial gases, information technology and communications and retail/distribution/logistics.
The Neal and Massy Group also represents several international brands.
March 25th, 2008