Shares jump as Scotiabank adds over $11b to buyout offer

Canada-owned Scotiabank raised its offer to buy out the minority shareholders of Scotia Group Jamaica (SGJ) to $75 a share from $61.50, days before they vote. At $75, the offer values the roughly 848 million shares that Scotiabank does not already own at $63.6 billion, up from about $52.1 billion at $61.50, an increase of about $11.4 billion, according to Financial Gleaner calculations. Investors reacted quickly Tuesday. Buyers bid $66 for SGJ shares in midday trading on the Jamaica Stock Exchange, about 12 per cent above Monday’s close, while sellers asked $70.