Scotia Group Jamaica Shareholders Approve $63.5 Billion Minority Buyout

Scotiabank Jamaica won minority shareholder approval for Scotia Caribbean Holdings to buy out the remaining shares, paving the way for the bank to go private and be delisted from the Jamaica Stock Exchange after 57 years. More than 77% of those present, holding 97% of voting value, backed the move, though some shareholders said the offer was too low.

Scotiabank Jamaica is waiting on minority shareholders to approve a court-ordered buyout by parent Scotia Caribbean Holdings, which would acquire the remaining shares and delist the bank from the Jamaica Stock Exchange after 57 years. The offer was raised to $75 per share, but some shareholders argued it still undervalues the bank despite a 28% premium over the 30-day average price.

Sagicor says the raised $75-a-share buyout offer for Scotia Group Jamaica’s minority shareholders is fair and aligned with its valuation of about $75.05, though it urged investors to consider the terms and completion risk. The deal now faces a court-ordered minority vote on October 7 and a Supreme Court hearing on October 30.