IC Insider.com is reporting that Berger Paint’s Jamaican operation is now the target of an acquisition attempt, by yet to be confirmed investors.
Commenting on the prospect further, noted financial analyst and publisher of IC Insider.com, John Jackson, indicated that he knew as a fact that an offer was made on Thursday but was rejected by Berger as inadequate and would not involve taking over the staff.
Another source indicated that the parties are in discussions on terms, with the price set at $20 per share based on the stocks traded price last week.
Jackson said one individual associated with one of the offers was Josef Bogdanovich, the lead investor involved in the takeover of Hardware and Lumber.
Jackson said its unclear if the planned acquisition by Bogdanovich, if successful, would be placed under the Hardware and Lumber umbrella, which would make economic sense as it would lead to economies of scale in a number of different areas.
The acquisition interest comes against the background of Berger Paints Jamaica Limited, which is listed on the main market of the Jamaica Stock Exchange, having recorded the highest level of profits ever, at JA$316 million for the year ended March 2017 up from $122 in 2016.