Cayman National Corporation Ltd.’s response to the tender offer by Republic Bank Trinidad & Tobago (Barbados) Limited to acquire up to 74.99% of its issued share capital


Ogier has advised Cayman National Corporation Ltd. on its response to the tender offer by Republic Bank Trinidad & Tobago (Barbados) Limited to acquire up to 74.99% of its issued share capital from Cayman National shareholders.

The offer period expired on 8 March 2019, and settlement of consideration to Cayman National shareholders was initiated on 13 March 2019.

Cayman National Corporation Ltd. is one of the few equity issuers listed on the Cayman Islands Stock Exchange, and is the largest financial services based company in the Cayman Islands. Tendering shareholders received US$6.25 per share under the terms of the offer, representing a premium of US$3.25 to the closing price per Cayman National share on the last trading date before announcement of the offer. Completion of the transaction required the approval of government and regulatory authorities spanning the Cayman Islands, Isle of Man, Dubai, Trinidad and Tobago, and Barbados.

Republic Bank Trinidad & Tobago (Barbados) Limited is a wholly-owned subsidiary of Republic Financial Holdings Limited. Before this transaction, Republic Financial Holdings Limited and its subsidiaries had assets in excess of US$9.4 billion and equity of US$1.4 billion, with more than 117 branches and 5,574 staff across the Caribbean and Ghana.

Ogier advised Cayman National Corporation with a team including James Bergstrom (Picture) and Cynthia Anandajayasekeram.

Involved fees earner: Cynthia Anandajayasekeram – Ogier LLP; James Bergstrom – Ogier LLP;

Law Firms: Ogier LLP;

Clients: Cayman National Corporation Ltd.;