Proposed Barbados merger called off
The boards of Neal & Massy Holding Ltd. and The Barbados Shipping & Trading Co. Ltd. said Thursday that they have terminated agreements related to the proposed merger of their respective companies.
BS&T shareholders mounted a court challenge, effectively blocked the merger, a statement from the companies said. Shareholders from Neal & Massy voted for the merger at a special meeting in June, but the proposed deal required the approval of shareholders from both companies.
As a result of the failed merger, the companies said Neal & Massy's nominees to the board of BS&T, Bernard Dulal-Whiteway and Christian Maingot, have resigned from the BS&T posts, and BS&T Chairman Sir Allan Fields has resigned from the board of Neal & Massy.