Hamilton, Bermuda, December 8, 1998 - Bank of Bermuda today announced that it has increased the price it is offering for all common and preferred shares of Bermuda Home Limited to $15.25 per share. The other terms and conditions remain as previously disclosed. Henry Smith, President and Chief Executive Officer, Bank of Bermuda, said: "While we believed our initial offer to be fair, it became evident that by increasing the price to secure the agreement of a number of substantial shareholders to tender their shares, we could expedite completion of the transaction."
The Bank confirmed that since the announcement yesterday, it has entered into agreements with shareholders, including Directors of Bermuda Home acting in their individual capacities as shareholders of the company, who collectively hold approximately 1.5 million common shares and 250,000 preferred shares.
"This represents a considerable step towards satisfaction of our minimum requirement, " said Mr. Smith. "We look forward to acceptance of this improved offer by the remaining shareholders which will enable us to complete the acquisition promptly."