Republic Bank addresses fairness opinions

Cayman National shareholders have two more weeks to accept a cash offer from Republic Financial Holdings Limited. Back in 2019, Republic Bank’s acquisition of a controlling majority of Cayman National was approved on the condition that it would not exceed 75 percent ownership for five years. Now, Republic is offering US$7.75 per share.

Cayman National engaged KPMG Bahamas to provide a “fairness opinion”, but Republic executives disagree, saying the share offer represents a premium — pointing out that the last traded price as of 30 May was seven dollars.