The RBTT Financial Group yesterday confirmed that it had received a proposal from a third party "with respect to a possible combination or partnership".
By Roxanne StapletonThe statement, which was first issued to its staff yesterday and is to appear as an advertisement in tomorrow's newspapers, said: "This proposal is under consideration and RBTT can confirm that its board of directors has made no decision to recommend it to shareholders.
"Furthermore, there can be no assurance that a transaction will result from this or any proposal... RBTT continually investigates any and all opportunities that could enhance shareholder value."
It added that it takes into account the best interests of its principal stakeholders, including its shareholders, employees and customers.
Prior to last week's statement, RBTT's chairman, Peter July, maintained that his group had not agreed to the sale of the bank or to a merger with any third party noting, however, that RBTT continues to have discussions of a strategic nature regarding its portfolio.
"Discussions of this nature have been ongoing for at least the past two years and continue," he stated.
Reports have persisted in both the Canadian and local press about talks of a possible merger or acquisition between RBTT and First Caribbean International Bank (FCIB), which is a subsidiary of Canadian bank CIBC.
Stories suggested that there was an alleged offer of RBTT shareholders receiving $14 cash per share in addition to two FCIB shares.
Financial analysts and RBTT shareholders have described the alleged offer as "possibly devastating to shareholders and a rip-off".
