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Republic Bank extends majority stake offer for Cayman National

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Republic Bank extends majority stake offer for Cayman National

Republic Bank Trinidad & Tobago (Barbados) Ltd. said it decided to extend the expiry date of its tender offer to acquire an up to 74.99% stake in Cayman National Corp. Ltd.

The extension — to Jan. 18 from Jan. 4 — comes as the companies still await necessary government and regulatory approvals. The bank said that both entities received approval from Dubai Financial Services Authority regarding the partial buyout offer in December 2018, but await approvals from the Central Bank of Barbados, Central Bank of Trinidad & Tobago, Cayman Islands Monetary Authority, Government of the Cayman Islands and Isle of Man Financial Services Authority.

"In the interim, [Republic Bank Trinidad & Tobago (Barbados)] and Cayman National continue to work diligently with the relevant regulatory and governmental bodies to assist with their review of the partial offer and remain firmly committed to completing the purchase of up to 74.99% of the ordinary shares of Cayman National in the shortest timeframe reasonably possible," the company said.

Republic Bank Trinidad & Tobago (Barbados), which is part of Republic Financial Holdings Ltd., noted that it had already garnered offer acceptances representing 87.56% of Cayman National shares as of Jan. 2, in excess of the 74.99% maximum.

Under the tender offer submitted in September 2018, Republic Bank Trinidad & Tobago (Barbados) offered US$6.25 per share to Cayman National shareholders.