The lack of a takeover code in The Bahamas has caused some to question how protected small shareholders will be under the proposed $12 million hostile takeover of AML Foods by the City Market parent company Trans-Island Traders.
The regulator, the Securities Commission of The Bahamas (SCB), is in unchartered territory, with proposed regulations governing any takeover existing only in draft form, about to go to the industry for comment, according to SCB Chairman Philip Stubbs. The bid to acquire a 51 percent stake in AML, announced Sunday, has executives of both companies making claims to not only majority shareholders, but minority holders too, in a bid to woo their support.
“I think t ...

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