Argus shareholders to vote on BF&M merger

Argus Group shareholders will vote on the company’s merger with domestic rival BF&M on December 23. 

A notice posted on the Bermuda Stock Exchange said shareholders of record on December 3  will vote on the proposal to exchange each of their shares for 0.251 of a BF&M share. 

BFM&M shares traded for $18.05 on December 9, which gives each Argus share an implied value of $4.,53. Argus shares last traded on the BSX for $4.70. 

Argus shareholders will be asked to amend the company’s bye-laws to permit an amalgamation by a vote of a simple majority rather than 75% of the votes cast as is currently required and to then vote on the amalgamation.  

A quorum of 15% of the shares held in person or by proxy and represented by at least 10 people is required for the vote to take place. 

If the Argus bye-law amendment is not approved, the amalgamation proposal must be approved by the affirmative vote of 75% of the votes cast. 

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.