William McConnell, managing director of Lascelles deMercado and Company, says the board will be considering the offer ahead of a recommendation to shareholders. -File

Trinidad-based spirits company Angostura Limited is making a bid for 49.24 per cent of conglomerate Lascelles deMercado's ordinary shares at US$10.65 per share, which values the offer above US$453.5 million (J$32 billion).

The offer opens November 30 and closes January 12.

Anticipation of the announcement, which was made after the close of trade Friday, still sent the Lascelles stock to a new high of J$475 on the Jamaica Stock Exchange.

Angostura, a subsidiary of Angostura Holdings Ltd., has also put in a bid for 5,028 of Lascelles' six per cent preference shares at US$0.30 per share, adding another US$1,508 to the offer.

Last night, the company, which announced the bid at the Mona campus of the University of the West Indies, said while it was seeking voting rights in the company, it was not a takeover offer.

"For the avoidance of doubt, this offer does not constitute a formal takeover bid," said its statement issued to reporters.

William McConnell, one of two majority shareholders, says he takes tremendous pride in the fact that the company has attracted such a positive offer.

steady build-up

It reflects, says McConnell, the value that the company has built up under the steady stewardship of chairman George Ashenheim, board members and staff.

Ashenheim and McConnell together own majority shares of 50.76 per cent in Lascelles.

Their shares are not up for sale.

McConnell said that once the official offer was received from Angostura, the Lascelles board would meet to consider it.

sabrina.gordon@gleanerjm.com For more details see Sunday Business.