ANSA Coat­ings In­ter­na­tion­al Ltd (ACIL) which is a sub­sidiary of ANSA McAL Group of Com­pa­nies Ltd, yes­ter­day an­nounced that its take-over bid for Berg­er Paints Ltd (BPL) was suc­cess­ful.

In a pub­lished no­tice, ACIL an­nounced that all the terms and con­di­tions of the Of­fer have been com­plied with or waived.

"Berg­er share­hold­ers have de­posit­ed aprox­i­mate­ly 692,277 shares (sub­ject to ver­fi­ca­tion of va­lid­i­ty of all ac­cep­tances re­ceived) which to­geth­er with ACIL's and its af­fil­i­ates ex­ist­ing sharehld­ing in BPL rep­re­sents ap­prox­i­mate­ly 94 per cent of the out­stand­ing Or­di­nary shares."

The of­fer price per or­di­nary share would be TT$6.76.

ACIL said it had al­ready paid for a por­tion of the shares as it sought to takeover BPL.

"In com­pli­ance with the Of­fer and Se­cu­ri­ties In­dus­try (take-over) By­laws 2005, pri­or to the ex­ten­sion of the Of­fer dat­ed De­cem­ber 6, 2017, which ex­tend­ed the Of­fer from De­cem­ber 6, 2017 to De­cem­ber 22, 2017 ACIL took up 342,133 Or­di­nary shares and paid a to­tal con­sid­er­a­tion of $2,312,819.08."

Clear­ly de­ter­mined to take up the re­main­ing or­di­nary shares of 350,144 which would be valid­ly de­posit­ed dur­ing the ex­tend­ed pe­ri­od pur­suant to its of­fer, the com­pa­ny an­nounced it was ready to pay $2,366,973.44.

"The to­tal con­sid­er­a­tion to be paid for the Of­fer is ap­prox­i­mate­ly $4,679,792.52. The con­sid­er­a­tion (692,277 shares) is ex­pect­ed to be paid to BPL share­hold­ers on or be­fore Jan­u­ary 2, 2018."