Scotiabank hikes Jamaican takeover offer by 22% to $64 billion

KINGSTON, Jamaica — Scotiabank Caribbean Holdings Limited (SCHL) has revised its takeover price to minority shareholders of Scotia Group Jamaica Limited (SGJ) from $61.50 to $75.00 per share, valuing the deal at $63.50 billion.

The move was announced on Tuesday in a SGJ release posted on the Jamaica Stock Exchange. This is the second price revision on the takeover offer by SCHL which added $60.00 price before it went public with its takeover offer.

“The offer was increased due to Scotia Group Jamaica’s significant second- and third-quarter results. SCHL agreed that an increase to the purchase price in their proposal was warranted in order to provide shareholders with additional value and facilitate the successful completion of the Transaction,” stated the SGJ release.