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Tuesday 16 January 2018
Local

ACIL takes over Berger Paints Ltd

UPDATED:

Berger Paints Trinidad Limited (Berger) has informed shareholders of a successful take-over bid by ANSA Coatings International Limited (ACIL).

In a notice to shareholders published yesterday, Berger said that, “subject to verification of validity of acceptances received”, it has been advised by ACIL that Berger shareholders deposited approximately 692,277 Ordinary Shares.

This was in response to the offer and take-over bid dated November 1, 2017 as amended on December 6, 2017 which, together with ACIL’s and its affiliates’ existing shareholding in Berger, “represents approximately 94 per cent of the outstanding Ordinary Shares.”

Berger also said it was advised by ACIL that all terms and conditions of the offer have been complied with or waived. “Therefore, ACIL intends to take up all the ordinary shares deposited pursuant to the offer.” Prior to the extension of the offer on December 6, ACIL advised that it took up and paid for 342,133 ordinary shares at a total consideration of $2,312,819.08.

“The overall total consideration to be paid by ACIL for the 692,277 ordinary shares deposited pursuant to the offer is approximately $4,677,792.52. Berger shareholders are expected to be paid on or before January 2, 2018, subject to the verification of validity of all acceptances received,” Berger said.

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