The battle between Ansa McAL and Brazilian company Ambev for control of Barbados' largest beverage company, Banks Holdings Ltd (BHL), continues to intensify.
Over the weekend, in advertisements in Barbadian newspapers, the T&T conglomerate warned BHL shareholders not be forced into selling to Ambev. They also denied reports of an airtight agreement between BHL and Ambev subsidiary SLU subsidiary which will make the Barbados manufacturer bankrupt if it is sold to any other company
Ansa McAL, currently the highest bidder in the BHL takeover saga, is sticking to its offer of BBD$6 per share and said it would be challenging the validity of the BHL�SLU agreement.
Nicholas Mouttet, president and CEO of Ansa McAL (Barbados) Ltd, said: "We will utilise all means available to us to ensure that this is not detrimental to BHL shareholders."
There had been reports of an airtight agreement between BHL, SLU Beverages and Latin Capital Fund (LCF), which financed Bank's Brewery's new BBD$56 million plant. This agreement granted SLU Beverages, later purchased by Ambev, a superior class of shareholding and meant that if BHL sold to any company other than Ambev, the Brazilian company would receive $10 per share while the other shareholders would receive $6 per share.
However, Ansa McAL is questioning how the BHL board could grant SLU superior rights over fellow shareholders without receiving permission from the shareholders to do so. The conglomerate is adamant that the deal between BHL and LCF is not enforceable and is urging shareholders to take the highest offer of $6.