Durrant Pate/Contributor

Trinidad-based distributor A.S Bryden and Sons Holding has announced the effective closure of its mandatory take-over offer of all outstanding shares in its Jamaican counterpart, Caribbean Producers Jamaica Limited (CPJ).

The offer, which was opened on January 10, closed Monday afternoon with an over-subscription of shares. The offer was for 10 newly issued ordinary shares in A.S. Bryden for every 35.23 CPJ shares pledged.

CPJ based in Montego Bay is local food and consumer durables supplier, supplying mostly to the hotel sector as well as leading supermarkets and food and liquor outlets.

The mandatory offer came as A.S Bryden and Sons last December acquired an additional 30.4% stake in CPJ, bringing its equity holding to 75.3%, having earlier bought a 44.8% stake last July.

The Basis of Allotment of the takeover bid will be published on the Jamaica Stock Exchange’s (JSE’s) website at www.jamstockex.com. 

A.S. Bryden in a circular on the JSE’s website, the company has thanked all applicants that participated in the takeover bid and congratulated all its partners and team members that have been crucial in making this takeover bid a success.

With A.S. Bryden having controlling interest in CPJ, the Montego Bay-based Jamaican distributor is now a subsidiary of Trinidad registered company. The acquisition of the additional 30.4% stake last December was done by share swap in which 95 million shares in A.S. Bryden were given to the selling CPJ shareholders as payment. 

At the time of the purchase, the closing price for A.S. Bryden and Sons shares on the local stock market was JA$30.95 with the 30.4% equity representing 94,871,379 shares, valued at J$2.93 billion.