THE BARBADOS Mutual Life Assurance Society on Tuesday matched the Bds$4.75, J$114, per share offered to Life of Barbados shareholders by Guardian Holdings Limited (GHL), last week. This development means the matter is now down to deciding which is better for LOB _ the Barbados-based company, or the Trinidad-headquartered one.
To become LOB's sole owner, The Mutual has to look for about J$3.6 billion to buy the remaining 75 per cent of the company which it does not own. On the other hand, GHL has no equity in LOB and will have to find J$4.9 billion to buy the whole company.
In a press statement which accompanied The Mutual's latest bid, deputy chief executive officer and chief operating officer, Dodridge Miller pledged his company's commitment to creating a strong financial services institution to compete in the global environment. Miller said this was necessary in order to continue offering innovative quality products at competitive prices to its customers, and to provide attractive returns to its policyholders and shareholders.
Shareholders have until May 10 to accept The Mutual's offer and May 17 for GHL's.
The Mutual and LOB together secured controlling interest in Life of Jamaica last year.
