CIBC Makes Takeover Bid For FirstCaribbean Shares

FirstCaribbean International Bank Limited has announced today that, CIBC, following its acquisition of 599.4 million shares of FirstCaribbean, has made an offer to all remaining shareholders, to acquire their shareholding in the regional bank.

The mandatory offer to FirstCaribbean shareholders was made by way of an Offer Circular from CIBC Investments (Cayman) Limited, to acquire all the issued common shares at a price of US$1.62 a share, plus accrued but unpaid dividends. The offer is valid until January 30th, 2007.

While the offer has been made to all shareholders in fulfilment of the regional securities take over codes, both CIBC and FirstCaribbean have publicly stated that they are committed to maintaining a strong minority ownership in FirstCaribbean, which they expect to grow in the future.

The Barclays sale to CIBC was first announced in March of this year, and closed on December 22nd.