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.