Scotia’s Canadian parent sweetened Ja buyout by J$1.3b before deal went public

Scotiabank Canada raised its offer to acquire the outstanding minority stake in Scotia Group Jamaica Ltd by J$1.50 per share – a sweetener worth roughly J$1.3 billion (CDN$10 million) across the minority shares – before the deal was ever announced to the public, the company’s scheme of arrangement booklet reveals. Scotiabank Canada and its Jamaica subsidiary discussed improving the offer price up to two days before the buy-out offer hit the market. Scotiabank improved the offer on June 10. The scheme agreements were finalised on June 11 and publicly announced on June 12.