Banks Holdings Ltd (BHL) has said the board is scheduled to issue its third Director’s circular in response to ANSA McAL’s offer of Bds $6.00 per share for all remaining shares in the company, following the lifting of the injunction brought by the Trinidad-based conglomerate blocking the sale of the local beverage company.
Chief Justice Sir Marston Gibson handed down the ruling on Friday night after three days of submissions by lawyers for both companies.
The injunction, which was granted on November 3, resulted in the halt of the bidding process for BHL shares as well as a “cease trade” on BHL shares on the Barbados Stock Exchange.
Beginning last Wednesday, BHL’s legal team, led by Barry Gale QC, argued in favour of lifting the injunction, while ANSA McAL’s attorneys put forward their case for continuing the sanction.
According to a statement from BHL, the company’s CEO Richard Cozier said he is pleased with the outcome of the hearing, stating that the shareholders are the real winners and the board of directors have always acted in their (shareholders) best interest.
Gale told the media that the lifting of the injunction would now allow the competitive bidding process to resume with all existing closing dates being extended by 10 days.
Meanwhile President and CEO of ANSA McAL Barbados, Nicholas Mouttet said while he is disheartened by the ruling, there are still other matters to be addressed.
The company is expected to appeal the decision.
“… it is important to understand that this is really just about the injunction. It is not the substantive matter, which is the matter concerning the clause in the SLU agreement and the fact that we think it is oppressive . . . but that is a different matter.
“We will regroup and we will consider our options. We are not ready to say where we will go next, but we will consider our options,” Mouttet added.
He said in the meantime, although the injunction had been lifted, ANSA McAL’s offer of $6 a share, which to date has been the highest offer, “remains unconditionally”.