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Neal & Massy About To Take-off The Gloves: Hostile Take-over Imminent~Will Sir Allan Fields Quit BS&T Board?

BS&T Merger Called Off Neal and Massy backs down Driselle Ramjohn dramjohn@trinidadexpress.com Wednesday, August 8th 2007 QUIT BOARD: Bernard Dulal-Whiteway THE PROPOSED merger between corporate conglomerates Neal and Massy Holdings and Barbados Shipping and Trading (BS&T) is off. In addition, three nominees to the boards of directors have resigned from both companies. The merger was…

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BS&T Merger Called Off

Neal and Massy backs down
Driselle Ramjohn dramjohn@trinidadexpress.com

Wednesday, August 8th 2007

massy.jpg

QUIT BOARD: Bernard Dulal-Whiteway

THE PROPOSED merger between corporate conglomerates Neal and Massy Holdings and Barbados Shipping and Trading (BS&T) is off. In addition, three nominees to the boards of directors have resigned from both companies. The merger was called off after shareholders in Barbados filed an injunction blocking BS&T from deciding on the merger at a special meeting.

The termination of the merger agreement was announced in a joint statement in the press by both companies today. The two groups, which have been long-standing associates, announced their decision to merge operations to form one of the largest Caribbean corporations in May. Neal & Massy owns 23 per cent of BS&T. Since then two other entities, a Barbadian consortium and regional conglomerate ANSA McAL, have made bids to acquire BS&T.

BS&T reported more than $1 billion in revenues for the first nine months of this financial year.

Source:Trinidad Express

We have written so much on the BS&T saga that at this point with developments happening so fast our heads continue to spin. BU await further developments in the coming days. At the top of the list is the expected resignation of Sir Allan Fields in the face of his bungling of the BS&T merger deal with Neal & Massy. Sources have it that Sir Allan will be forced to submit his resignation to the BS&T Board in the face of law suits about to be made by disgruntled shareholders. The disgrace which this will have on our Knight, and by extension BS&T, will no doubt make it another discussion point in Bridgetown.

Barbadians have been promised that the Barbados Workers Union is working hard to mobilize support to join the other suitors bidding for BS&T. There is also another group led by Douglas Skeete which met over the weekend at the Yacht Club. A BU source confirms that the Barbadian investors appear reluctant to pool their resources; the age old issue of Barbadian blacks not trusting each another.

The debate caused by the BS&T acquisition by firstly the Trinidadian interest has done a lot to create much needed awareness in the Barbados business community. We think that this is good.

Related BU Stories

Sir Allan Fields The Man Behind The Orchestration To Dump Barbados Shipping And Trading To The Trinidadians
Senator Lynette Eastmond Shut Up!
Prime Minister Arthur Prefers A Neal And Massy Deal~Barbados Underground Say So
BS&T Going, Going, Soon To Be Gone~ The Advocate Newspaper Should Go Too

 

9 responses to “Neal & Massy About To Take-off The Gloves: Hostile Take-over Imminent~Will Sir Allan Fields Quit BS&T Board?”

  1. Softman Avatar
    Softman

    This is an interesting development. Due to the fact that Neal and Massy own about 24% of the shares,and Sagicor about 16%, one is tempted to wonder if the breakdown of the merger deal is influenced by Sagicor being interested in the higher bid being made by Ansa Mcal or other suitors.

    Neal and Massey had publicly stated that they were not going to go any higher than their initial offer, so it would be surprising if they were to raise their offer and go for a hostile bid.

  2. David Avatar
    David

    Softman~makes sense but in deals like this expect the rules to change. If we understand the Lockjack/Neal & Massy and Sabga/Ansa dynamic N&M will not go away so easy.

  3. crossroads Avatar
    crossroads

    This new develpment will allow N&M to make a counter bid against Ansa for the said BS&T shares

  4. The Chairman Avatar
    The Chairman

    A couple positives in my opinion will come out of this – 1) The shareholders will finally get closer to the true worth for their shares 2) Maybe we will see the back of the inept Chairman of the company

  5. BU Avatar
    BU

    FULL FIGHT FOR BS&T
    Published on: 8/10/07.

    by GERALYN EDWARD

    THE BATTLE is officially on.

    Neal & Massy has put Barbados Shipping & Trading (BS&T) shareholders on notice that it is going for full control of the local conglomerate after its efforts at a friendly merger were frustrated by a court injunction.

    This move now means that it will be a clear fight between the manufacturing and energy giant and its equally powerful Trinidadian rival ANSA McAL.

    Full Story

    BU called it and it has happened. We just wonder if the Ansa action has not forced Neal & Massy to do what is wanted to in the first place; take full control of the BS&T duckling.

  6. deMarlehole Avatar
    deMarlehole

    “Chase those crazy bald heads, outa de yard!” Bob Marley

    Yes David, The collective Directors needed to resign and be chased out of town; for having brought that cockamamie proposal to the shareholders.

    The proposal: Let’s take what they gave us; for every one (1) Merged Entity “headquartered in Trinidad” share; one disposes of 2.75 BS&T shares. OK! Let’s do the math, every 1,000 BS&T shares we get 364 Merged Entity shares; by extension 2,500 BS&T Shares @ 5.25 per share yields a value of $13,125.00 or 910 Merged Entity shares @$14.45 for a value of $13,116.87 NB: (This Merged Entity will be headquartered in Trinidad & Tobago, hence $TT worth one third $BB). Shareholders of BS&T will be crazy to be expected to accept this offer?

    This is like “Three card Monty” at the Garrison if I ever say it. (What nonsense!); How can anyone be sure this new Merged Entity will maintain its value, and for how long going forward. In the name of Wendy Williams, “They need to put that offer where.” Back there!

    As I said before, “don’t cry for me!” now I pleading differently. If you retrace some of the earlier post you will find what can only be described as “small investors” who said they were given all the information about the merger and was going to vote in their best interest. Some Bajans can now see when at times they attempt to pull off these scams right under your nose. Wish in a way we could really affect the inevitable outcome.

  7. David Avatar
    David

    We predicted as far back as August 08, 2007 that Sir Alan Fields would have to resign. We are hearing that there is wind of change about to blow over the Auto Dome at Warrens, St. Michael.

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