GraceKennedy Financial Group has extended the closing date for its offer to purchase all outstanding shares in Key Insurance Company to the end of business on May 20. 

The takeover offer for the remaining 149,521,334 ordinary stock units opened on March 24 and was initially scheduled to close on April 22.

Some J$403.7 million has been set aside by GraceKennedy to purchase the shares at a price of J$2.70 per share.

Key shareholders, who wish to accept the offer, are encouraged to do so prior to the revised deadline. All other terms and conditions of the offer remain unchanged. 

The finance and manufacturing conglomerate, which currently owns 73 per cent equity, is seeking to buy the 27 per cent held by the public in its pursuit to own 100 per cent of the issued share capital of Key Insurance, which it bought majority control of four years ago. 

GraceKennedy has appointed JCSD Trustee Services as the principal receiving agent and appointed GK Capital Management as lead broker.

The offer may be accepted by completing the form of acceptance and submitting it along with the relevant share certificates to either JCSD Trustee Services or GK Capital Management.