‘Somers Has Therefore Terminated Agreement’
In a filing with the Bermuda Stock Exchange, Somers Limited issued an update on the sale of Bermuda Commercial Bank, saying they have “terminated its agreement with Permanent for the sale of BCB.”
The filing stated: “Somers Limited, a financial services investment holding company, announces that further to the Company’s announcement on March 20, 2020, in respect of the sale of BCB to Permanent Capital Holdings Limited [Permanent],
“Somers confirms that it has recently received indicative offers for BCB from multiple parties which the Board of Somers has determined are superior to the transaction with Permanent. Somers has therefore terminated its agreement with Permanent for the sale of BCB.”
