The GraceKennedy Financial Group has again extended the closing date for its offer to purchase all outstanding shares in Key Insurance Company.

This is the second extension, with the new closing date being the end of business on July 11.

The takeover offer for the remaining 149,521,334 ordinary stock units was opened on March 24 and initially scheduled to close on April 22, but was extended to May 20.

Some J$403.7 million has been set aside by Grace to purchase the shares a price of J$2.70 per share. Key shareholders, who wish to accept the offer, are encouraged to do so prior to the revised deadline.

All other terms and conditions of the offer remain unchanged. The finance and manufacturing conglomerate, which currently owns 73 per cent of the equity, is seeking to acquire the remaining 27 per cent held by the public in its pursuit to own 100 per cent of the issued share capital of Key Insurance, which it gained majority control of four years ago. 

Grace has appointed JCSD Trustee Services as the principal receiving agent and appointed GK Capital Management as lead broker. The offer may be accepted by completing the form of acceptance and submitting it along with the relevant share certificates to either JCSD Trustee Services or GK Capital Management.