Canadian company wants BL&P shares

CANADIAN COMPANY Emera Inc. is offering shareholders of Barbados Light & Power a whopping $25 per share as it attempts a takeover bid of the Barbadian company.The country’s National Insurance Scheme could receive millions in cash if the deal is approved because the NIS owns 23 per cent of Light & Power Holdings’ 17.14 million shares. About 60 per cent of Light & Power Holdings are held locally. Light & Power Holdings is the parent company of BL&P.The news came six months after Emera gave the Barbados Securities Commission an undertaking that it was not interested in taking over the country’s lone electricity company. Back then, Emera bought  38 per cent ownership in Light & Power Holdings from Leucadia National Corporation, another Canadian company. Light & Power last traded on the Barbados Stock Exchange at  $11.76.In May, the Fair Trading Commission approved a rate hike for BL&P. Emera said yesterday in a statement: “At the current United States dollar to Barbados dollar exchange rate, this offer is the same as the price Emera paid to Leucadia National Corporation when it acquired 38 per cent of Light & Power Holdings in May 2010.” The takeover bid offer is still to be approved by the Barbados Securities Commission and the Barbados Stock Exchange. And Emera said if the offer was approved, a further notice would be provided and the offer and circular would be sent to all Light & Power Holdings shareholders. (GE)