Court sanctions Access-Diamond Bank merger scheme

The Federal High Court of Nigeria on Tuesday, March 19, 2019, sanctioned the Scheme of Merger of Diamond Bank Plc pursuant to which Access Bank Plc would acquire the entire issued share capital of Diamond Bank through a cash and share exchange (the “Merger”).

In a statement on Thursday, the bank said that all conditions to the Merger, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) regulatory approvals had been satisfied and that the Scheme had become 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,” the bank disclosed.

It added that trading in the shares of Diamond Bank was suspended on The Nigerian Stock Exchange effective March 20, 2019.

Diamond Bank further announced that its directors seized 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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