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CNB gets buy-over offer, Republic Bank seeks majority shares

A regional bank makes an offer to purchase a majority of Cayman National Bank’s shares.
CNB Corporation president and CEO Stuart Dack confirmed the information to Cayman 27.
A memo posted to the Cayman Islands Stock Exchange website today (6 August) appears to outline the offer from the Republic Bank Trinidad and Tobago, which is based in Barbados.
The memo said the bank seeks to acquire between 51 percent and up to 74.9 percent of CNB’s shares.
CNB in the memo urged shareholders not to take any action when it comes to responding to the offer.
And Mr. Dack is quoted as saying that it “is in the interests of Cayman National’s shareholders to engage with RBTTBL in connection with the possible offer, and the directors are considering their response to the possible offer.”
We reached for more details on the offer, but Mr. Dack said he cannot comment further than what was said in the CNB letter. Deloitte is acting as independent financial advisor in connection with the offer.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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