Bank of Nova Scotia and Scotiabank Jamaica on Friday announced plans for a joint take-over bid to acquire up to 80% with a minimum of 75% of the shares in Dehring Bunting & Golding Ltd. (DB&G).

DB&G is the fourth largest securities dealer in the Jamaican financial market in terms of assets, profits and market capitalization and is the largest equity broker in the country. The group reported funds under management of $560 million (J$33 billion) as at June 30.

The company has eight offices in Jamaica, and an office in Trinidad.

The offer is a cash bid and will be priced at 36¢ (J$21.08) for each share of DB&G acquired. This represents a premium of 31% over the market price of DB&G shares as at September 12, and a premium of 8% as at October 13.

The offer is expected to open at 9:00 ET on October 23, and is expected to close at 17:00 ET on November 27.

“DB&G will make a wonderful addition to the Scotiabank family. Building on our already exceptional suite of product offerings we believe that DB&G will complement Scotiabank’s existing operations in Jamaica,” said Rob Pitfield, executive vp international banking.

“Scotiabank has been in Jamaica for over 117 years working with generations of Jamaicans to build their dreams; we see significant growth opportunities within this market and are deeply committed to providing superior products and services to the benefit of our customers, shareholders and staff,” Pitfield added.

Upon acquisition of the shares, DB&G will continue to be a listed company on the Jamaican and Trinidadian Stock Exchanges, led by its current team of executives. “We look forward to working with the entire management team and staff at DB&G,” said William Clarke, president and CEO of Scotiabank Jamaica.

“This acquisition presents an opportunity for all stakeholders,” said Clarke. “The successful purchase will enable Scotiabank to deepen existing and future customer relationships, enhancing our already exceptional product offerings and growing market share. If successful, this acquisition will combine Scotiabank’s outstanding customer service and product offerings with DB&G’s proven expertise in providing innovative and differentiated products. I also want to reassure DB&G’s clients that they will continue to enjoy the DB&G culture and service standards that they have come to expect over the years.”

The bid has been approved by the boards of both Scotiabank and Scotiabank Jamaica and is subject to regulatory approval and other conditions, which will be outlined in the bid dircular.