Sagicor Open to Other Offers
The door has been left open for Sagicor Financial to accept an acquisition offer better than the US$536Mn one now on the table from Canadian company Alignvest Acquisition II Corporation. Sagicor Financial Corporation group chief operating officer Ravi Rambarran revealed on Wednesday that the possibility of a takeover battle is covered in the Arrangement Agreement between the two entities. The Arrangement Agreement said Sagicor was free to negotiate with other entities offering a “superior” proposal once it gave Alignvest adequate notice. The Canadian company has also negotiated the right to increase its offer in those circumstances. Officials said once regulatory approval was received, Sagicor Financial would be listed on the Toronto Stock Exchange and delisted from the Barbados Stock Exchange, the Trinidad and Tobago Stock Exchange and the London Stock Exchange.