BCB takeover deal delayed by volatility
The completion of the deal to buy out Bermuda Commercial Bank will be delayed, probably into the summer.
Somers Ltd, a financial-services investment holding company, agreed last year to sell BCB to Permanent Capital Holdings Ltd and last month the deal received necessary approvals from regulators.
Somers said in a filing with the Bermuda Stock Exchange today: “With the recent extreme market volatility in global markets caused by the Covid-19 virus, Somers and Permanent have agreed that anticipated completion of the sale of BCB should be delayed until as soon as practicable, which could extend into the summer, when it is hoped that the global outlook will have improved and markets are more stable.
“Permanent has confirmed to Somers that they remain committed to completing the acquisition of BCB. Somers will update shareholders once there is further clarity on an anticipated date of completion of the transaction.”