Diamond Bank Plc. has announced that the Federal High Court of Nigeria on March 19, 2019 sanctioned 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.
A statement from the bank signed by Uzoma Una, company secretary and legal adviser, 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 Tuesday, March 19, 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 from Wednesday, March 20, 2019.
Diamond Bank further announces that the Directors cease to be Directors of the dissolved Diamond Bank Plc effective on Tuesday, 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 January 24, 2019”, the bank said.