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Hearing on NCB Financial's Guardian Holdings takeover bid postponed

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Hearing on NCB Financial's Guardian Holdings takeover bid postponed

NCB Financial Group Ltd. said Trinidad and Tobago's securities and exchange commission has adjourned, until further notice, the hearing on unit NCB Global Holdings Ltd.'s takeover bid of insurance company Guardian Holdings Ltd.

Parties involved in the case have requested the postponement "in order to facilitate activities aimed at amicably resolving the matter," NCB Financial said. The activities will end either with the matter being resolved or a date being set to resume the hearing, the group added.

The offer of NCB Global Holdings to acquire ordinary shares in Guardian Holdings lapsed in February after facing a review from the securities and exchange commission.

Minority owners of Guardian Holdings shares have previously filed complaints against the group for allegedly breaching the country's bylaws for takeovers. The minority investors are pushing for the offer price of $2.35 per share to be adjusted in line with what it initially paid large shareholders for a stake in the insurance company in 2016.

NCB Global Holdings originally made an offer Dec. 8, 2017, to acquire the shares in Guardian Holdings, which would result in the former holding up to 62% of shares in the latter. National Commercial Bank Jamaica Ltd. shareholders voted to reorganize the company in connection with the takeover bid.