Elite gets buyout offer, directors issue caution

Resource Assets Ltd, a St Lucia-registered company, has offered to buy all of Elite Diagnostic Ltd's issued ordinary shares at $1.60 each, a price that equates roughly to the medical-imaging company's book value.

The stock fell 5.0 per cent on the Jamaica Stock Exchange on Monday to $1.70.

"The board has not yet formed a view on the merits of the offer," Elite said in a notice to shareholders, which disclosed that an independent committee of directors now reviews the terms alongside the company's legal adviser and an independent financial adviser.