Trans-Island Traders\u2019 announced plan to take control of AML Foods is off the table.<\/p>\n
The board of Associated Bahamian Distillers and Brewers Ltd. (ABDAB) came out of Thursday\u2019s board meeting excited about a proposal to get Trans-Island Traders\u2019 78 percent ownership of City Market parent Bahamas Supermarkets Limited (BSL), but strongly opposed to having any part in the acquisition of AML Foods.<\/p>\n
The news came from Trans-Island Traders President Mark Finlayson, who explained the board\u2019s position on the AML acquisition.<\/p>\n
\u201cTheir reasoning was very straight forward,\u201d Finlayson said. \u201cThey appreciate the fact that the $1.50 bid was made on prior information but given the fact that after January 31 a report of their latest numbers showed AML profits were down 64 percent, they felt very strongly that $1.50 was much too much at this stage.\u201d<\/p>\n
The bid Finlayson referred to was announced on January 31, for a 51 percent ownership stake in AML at $1.50 per share. Praising the wisdom of the ABDAB board, Finlayson, who has always maintained that it was important to Trans-Island that ABDAB\u2019s shareholders were \u2018on board\u2019 deferred to their decision on the proposed AML takeover.<\/p>\n
\u201cAs a result you will see that on Monday we are going to withdraw our Trans-Island Traders proposal to buy 51 percent of AML,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mark Finlayson has failed in his ill-timed hostile attempt to takeover Abaco Markets Limited, highlighting what some call an apparent ineptitude in business management.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[98,23],"class_list":["post-6675","post","type-post","status-publish","format-standard","hentry","category-business","tag-financial","tag-food"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/6675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=6675"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/6675\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=6675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=6675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=6675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}