Scotia lifts buyout offer to $75

SCOTIA Group Jamaica’s majority shareholder has raised its offer to buy out minority investors to $75 per share from $61.50, increasing the proposed payout by almost 22 per cent ahead of next week’s vote on taking the banking group private.

The revised offer adds $13.50 for each share held by minority investors. A shareholder with 1,000 shares would receive $75,000 if the transaction is completed, compared with $61,500 under the previous offer.

Scotia Group said Tuesday that the increase followed an improved proposal from Scotiabank Caribbean Holdings Limited, its majority owner, after the Jamaican group delivered strong second- and third-quarter results.