Conglomerate Neal and Massy (N&M) has restated its offer to acquire all outstanding shares of Barbados Shipping and Trading Company (BS&T), saying the invitation remains open to November 2.

The Trinidad company, which already owns 27.9 per cent of BS&T, issued its revised combination cash and shares offer after ANSA McAL pulled its B$10 per share bid last week.

Neal and Massy's new offer has a slight amendment on one of the two options open to shareholders.

The price remains at B$8.50 per share, straight cash, but only on a "maximum of 50 per cent" of the total number of BS&T shares tendered per shareholder, plus a combination of one ordinary N&M share for every 2.75 BS&T shares plus cash of B$1.80.

Option No. 2 is a combination of one N&M share for every 2.75 BS&T shares plus cash of B$1.80. The company is hunting 100 per cent ownership of the Barbados conglomerate, which is also a listed company trading on the Barbados and Trinidad stock exchanges.

Its other substantial shareholder is the Sagicor Group, which owns more than 8.6 million BS&T shares or 11.5 per cent of the company.

business@gleanerjm.com