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Showing 8 results for: business acquisition offer

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Business JAM | Oct 15, 2023

Mystic Mountain bankruptcy faces further delay

Reading Time: 2 minutesDurrant Pate/Contributor There is set to be further delays in the bankruptcy proceedings of attractions company, Mystic Mountains Limited, which is being sold having gone bankrupt. This, after news that the company’s trustee in the bankruptcy matter, attorney-at-law Debbie-Ann Gordon has resigned, making her the third appointed trustee to have left, thereby further delaying the bankruptcy proceedings. It is being reported that Gordon tendered her resignation late Thursday (October 12) afternoon. Interestingly, Gordon’s resignation comes weeks after the courts blocked an attempt to remove her from the post, which she took up in August last year. Since then, the attorney…

Business JAM | Jun 10, 2023

iCreate acquisition of Ideas Execution flops

Reading Time: 2 minutesDurrant Pate/Contributor iCreate Limited’s planned acquisition of Ideas Execution, a local of branding and trade marketing company, has fallen through. The junior market-listed iCreate has announced that the previously announced intention to acquire Ideas Execution on February 3, 2023 will no longer proceed as planned. When contacted, iCreate CEO, Tyrone Wilson, declined to comment on the botched acquisition. However, iCreate remains committed to its growth strategy and will continue to explore opportunities for expansion in the future. iCreate reported last February that it has signed an agreement to acquire the shares of Ideas Execution. At the time of announcing the planned acquisition,…

Business JAM | Jan 21, 2025

Clarien Bank acquisition by Cornerstone to boost jobs in Jamaica’s financial sector

Reading Time: 2 minutesCornerstone is now awaiting a no-objection go-ahead pertaining to its 70.1 per cent acquisition stake in Bermuda’s Clarien Group. This will be Cornerstone’s first foray into international acquisition though it does have two businesses domiciled in the United States. Cornerstone’s acquisition of Clarien is in two stages. Last year, NCB entered a share purchase agreement to sell 30.20 per cent of its stake in Clarien Group to Cornerstone Financial Holdings which was founded by Paul Simpson.  This move saw NCB’s ownership in the Bermudian outfit reduced from 50.10 per cent to 19.90 per cent. As it currently stands, Cornerstone acquired…

Business | May 21, 2022

Spirit Airlines board urges shareholders to reject JetBlue’s tender offer

Reading Time: 3 minutesDurrant Pate/Contributor In an Our Today follow-up on JetBlue Airways’ attempt at a hostile takeover of its competitor, Spirit Airlines, we can report that the board of Spirit is urging its shareholders to reject JetBlue’s offer. Making a case for the shareholders to reject JetBlue, the board of Spirit is citing regulatory hurdles while accusing the rival airline of trying to derail its planned merger with fellow discount carrier, Frontier Airlines. JetBlue launched its hostile takeover bid on Monday (May 16) after Spirit earlier this month rebuffed its surprise US$33-a-share, all-cash acquisition offer. The tender offer from New York-based JetBlue was for US$30 a…

Business JAM | Jul 8, 2022

Supreme Court orders 1834 Investments Limited shareholders meeting for August

Reading Time: 2 minutesDurrant Pate/ Contributor In an Our Today news follow-up…..The Supreme Court has ordered that a shareholders meeting of 1834 Investments Limited be held on August 10, 2022, to vote on the merger offer from RJR/Gleaner Group. The meeting will be held in hybrid format at the registered office of the real estate and investment company at 7 North Street, Kingston, starting at 10:30 am. RJR/Gleaner, Jamaica’s biggest media network, last month upped its offer for shareholders in 1834 Investments, the real estate and investment spin-off of the former Gleaner Company, to sell their shares. Both 1834 Investments and RJR/Gleaner jointly…

Business | Apr 14, 2022

Elon Musk swoops down on Twitter with US$41 billion cash offer

Reading Time: 2 minutesElon Musk has offered to buy Twitter for about US$41 billion in cash, saying the social media company he has often criticised needs to go private to see effective changes.

Business | Apr 25, 2022

Twitter set to accept Musk’s ‘best and final’ offer -sources

Reading Time: < 1 minuteNEW YORK (Reuters) Twitter Inc is nearing a deal to sell itself to Elon Musk for US$54.20 per share in cash, the price that he originally offered to the social media company and called his ‘best and final’, people familiar with the matter said. Twitter may announce the US$43 billion deal later on Monday (April 25) once its board has met to recommend the transaction to Twitter shareholders, the sources said. It is always possible that the deal collapses at the last minute, the sources added. Twitter has not been able to secure so far a ‘go-shop’ provision under its…

Business | Jun 25, 2022

Acquisition battle for Spirit Airlines rages on 

Reading Time: 2 minutesDurrant Pate/Contributor The buying war for American low-cost carrier, Spirit Airlines, wages on with Frontier Airlines upping the ante over Jet Blue yesterday (June 24). Frontier Airlines has increased its offer for Spirit Airlines, less than a week before Spirit shareholders vote on whether to approve the proposed merger. The increased offer, which is detailed in a Securities and Exchange Commission (SEC) filing late yesterday would see Spirit shareholders get a total of US$4.13 in cash per share if the merger is completed. This is an improvement of US$2 from the previous offer. Spirit shareholders would additionally still receive shares…

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