Over three quarters of Bermuda Home shareholders, representing over 90% of the common and preferred shares not already held by the Bank, have now approved the acquisition. Under Section 102 of the Companies Act, 1981, the Bank is entitled to purchase the remaining common and preferred shares.
Bank of Bermuda plans to close out the Section 102 Offer on 8th April, 1999. Remaining Bermuda Home shareholders who have not approved the acquisition of their shares by this date will be notified in due course.
Alan Richardson, Senior Vice President, Retail Clients, Bank of Bermuda, said: "We are delighted to have met all of the required conditions under the terms of the Section 102 Offer. We are especially appreciative of those shareholders who have accepted the offer and would encourage all remaining shareholders to come forward as soon as possible. The offer, at $15.25 per share, represents a significant premium over the price at which the shares last traded."
Bermuda Home will continue to operate under its own brand, but will be fully integrated into the Bank of Bermuda group.
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Media Contact: Elizabeth Tee, Bank of Bermuda, Telephone: 299-6157