BVI company to takeover Courts Jamaica Ltd.
A British Virgin Islands-based company Cobalt Holding Company Limited will begin a takeover bid for Courts Jamaica Limited.
In accordance with a statement from the Board of Courts Jamaica, the company received an offer from Cobalt Holding Company Limited to purchase all the ordinary shares in the furniture retail chain.
Shareholders have been offered USD 4.25 for a stock. After trading, the share price was USD 3.85. The offer to shareholders expires on December 18, 2006. The Board of Courts is hoping shareholders will carefully consider the takeover offer.
Established in St. Lucia, Cobalt was aimed at acquiring the Caribbean assets of Courts PLC. It is a wholly owned subsidiary of a BVI-based corporation, Regal Forest Holding Company, dealing with the sale of furniture and equipment internationally.