A cash offer to buy out the minority shareholders in multi-service operator Cable & Wireless Jamaica (CWJ) – which trades under the Flow Jamaica banner – has been extended to 28 February, the Jamaica Observer reports. As previously reported by CommsUpdate, in December 2017 it was announced that CWJ was offering JMD4.35 billion (USD34.9 million) – or JMD1.45 per stock unit – to buy out its minority shareholders. This offer had initially been scheduled to close on 31 January.
Once it has received acceptances of 90% or more in value, and 75% or more in minority-held stock in CWJ, the company has confirmed its intention to ‘exercise its rights under the Companies Act of Jamaica to compulsorily acquire the shares of all other shareholders, including those who have expressly dissented or have failed to respond to this Offer’. Upon closing of the cash offer, CWJ is expected to be delisted from the Jamaica Stock Exchange (JSE).