AFTER some 17-months of twist and turns with legislators and minority shareholders, NCB Financial Group has now closed the offer to takeover regional insurance giant, Guardian Holdings Limited (GHL).

NCBFG’s success in the transaction comes a day earlier than its fourth extension of May 3, 2019 to acquire up to 74,230,750 shares in GHL.

A notice sent out by the Group yesterday said that the latest tally of GHL shares deposited by GHL shareholders in response to the Offer was approximately 118,517,936 which, together with the NCBFG’s existing shareholding in GHL, represents approximately 81.07 per cent of the outstanding GHL shares.

However, NCB intends to grow its stake in Trinidad and Tobago-based insurance company to 62 per cent.

“Given that the number of shares deposited pursuant to the offer exceeds the offer shares, the GHL shares deposited will be taken-up by the Offeror on a pro-rated basis according to the number of GHL shares deposited by each GHL shareholder,” NCBFG said.

At the enhanced price of US$2.79 per share, total consideration to be paid by NCBFG is US$207,103,792.50. The Jamaican banking conglomerate expects to pay for the taken-up shares within 10 days of the extended closing date, that is, by the 13th day of May, 2019.

“The NCB Group of Companies wishes to thank all stakeholders for their support in bringing this transaction to a close and, in particular, all GHL shareholders who took part in the Offer as well as the other GHL shareholders who have expressed confidence in each of the NCB Group of Companies and the GHL Group of Companies,” the bank said.

According to NCBFG the partnership will not only support the conglomerate’s strategy to expand regionally, but will provide numerous growth opportunities for both NCB and GHL including an expanded portfolio and access to new and diverse customers and markets.

The financial giant, which was placed among the top five financial institutions in the English and Spanish speaking-Caribbean, hopes to hit top three as measured by net profit in line with its “5 in 5” strategy.

On Wednesday, NCBFG’s share price on the Trinidad and Tobago stock exchange rose to a record high of TT$9.00 and closed at TT$8.49 yesterday. Meanwhile, NCBFG’s share price on the Jamaica Stock Exchange fell from $149.09 on Tuesday to close at $144.99 last evening.