Elite shares dropping towards buyout offer price

Resource Assets Ltd, a St Lucia-registered company, has offered to buy all of Elite Diagnostic Ltd’s issued ordinary shares at $1.60 each or less than its trading price but roughly equivalent to its book value. The stock fell 5.0 per cent on the Jamaica Stock Exchange on Tuesday to $1.70. “The board has not yet formed a view on the merits of the offer,” stated Elite, which runs a medical imaging chain, in a notice to shareholders.