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NCB Financial Group makes takeover bid for Guardian Holdings' shares

NCB Financial Group Ltd. said that as of the end of Feb. 1, it holds approximately 67% of outstanding shares in Guardian Holdings Ltd.

NCB Financial Group's subsidiary NCB Global Holdings Ltd. had made an offer on Dec. 8, 2017, to acquire up to 74,230,750 outstanding shares in Guardian Holdings, which would result in the former holding up to 62% of shares in the latter.

The group added that a recent article published in the country referenced the offer being oversubscribed.

The offer remains open until Feb. 23, and the number of shares tendered may still change depending on shareholders' actions.

National Commercial Bank Jamaica Ltd. shareholders recently voted for a company reorganization in connection to the takeover bid.