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Republic Bank's tender offer for Cayman National shares sees 90.04% take-up

Republic Bank Trinidad & Tobago (Barbados) Ltd.'s tender offer to acquire up to 74.99% of Cayman National Corp. Ltd.'s ordinary shares expired March 8, with Cayman shareholders tendering 90.04% of the company's shares.

A total of 38,133,434 Cayman National shares were tendered, but Republic Bank Barbados will acquire only 31,755,842 shares to stay within the 74.99% acquisition range, according to a press release.

Republic Bank Barbados, a unit of Republic Financial Holdings Ltd., announced the offer in 2018 at a price of US$6.25 per share. The offer was extended on multiple occasions pending regulatory approvals.

Settlement of the consideration due to Cayman National shareholders will start March 13.