CIBC Acquires Barclays Stake In FirstCaribbean

CIBC Acquires Barclays Stake In FirstCaribbean

Caribbean

Canada's CIBC has acquired a majority stake in FirstCaribbean International Bank after buying the 43.7% share owned by Barclay's Bank. CIBC paid $988.6 million in cash, or $1.62 per share. The Canadian bank said it will now push forward with its planned mandatory offer to all shareholders in FirstCaribbean at the same price of $1.62 per share plus accrued but unpaid dividends. CIBC's agreement with Barclays allows the UK bank the option to tender all or a portion of its remaining FirstCaribbean

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