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Daybreak – 25 June 2025
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Cayman Compass
Cayman National Bank shares offer called ‘inadequate’ by KPMG
A ‘Big Four’ financial services firm has said the offer of US$7.75 per share from Republic Bank Trinidad and Tobago (Barbados) Ltd to buy out Cayman National Bank is “inadequate”.
KPMG delivered its verdict on the US$82 million deal after parent company Cayman National Corporation asked the firm to give a “fairness opinion” on the bid by Republic Bank, a subsidiary of Trinidad-based Republic Financial Holdings Ltd.
The Bahamas office of KPMG, which carried out the review, said, “KPMG is of the opinion that, as of the opinion date, the consideration under the offer is inadequate from a financial point of view to the offerees.”
Cayman National added in a directors’ circular to affected shareholders, “While the offer price offers certainty, it is arguably not compelling.”
The Cayman bank said that the trading price of shares had ranged between US$4.75 to US$9.95 over the past two years.
