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Court gives nod to Access, Diamond Banks recommended scheme of merger

Joseph Inokotong, Abuja

Diamond Bank Plc has announced that the Federal High Court has given its blessing to the Scheme of Merger pursuant to which Access Bank Plc will acquire the entire issued share capital of Diamond Bank through a cash and share exchange (the “Merger”).

In a statement, Uzoma Uja, Company Secretary/Legal Adviser of Diamond Bank said “All conditions to the Merger, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulatory approvals have been satisfied and the Scheme is now effective.

“The Scheme record time was 6.00 p.m. (Nigerian time) on 19 March 2019, and no transfers of Diamond Bank shares is expected after this time.

“Trading in the shares of Diamond Bank has been suspended on The Nigerian Stock Exchange effective March 20, 2019.”

Diamond Bank further announced that “the Directors hereby seize to be Directors of the dissolved Diamond Bank Plc effective March 19, 2019.

“The Merger is expected to be completed on 1 April 2019. Full details of the Merger, including the terms and conditions of the Scheme and the Merger, are set out in the Scheme Document dated 24 January 2019.”

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