1.
The merger will potentially create Nigeria and Africa’s largest
retail bank by customers.
2.
The proposed merger would involve Access Bank acquiring the
entire issued share capital of Diamond Bank in exchange for a combination of
cash and shares in Access Bank via a Scheme of Merger.
3.
Diamond Bank shareholders will receive N3.13 per share, comprising
a cash consideration of N1.00 (one Naira) per Diamond Bank Share representing a
total cash amount of N23,160,388,968 (twenty-three billion, one hundred and
sixty million, three hundred and eighty-eight thousand, nine hundred and
sixty-eight Naira), or US$ 75,588,736.84 (seventy five million, five hundred
and eighty eight thousand, seven hundred and thirty six dollars and eighty four
cents).
4.
Diamond Bank will receive an allotment of 6,617,253,991 (six
billion, six hundred and seventeen million two hundred and fifty-three
thousand, nine hundred and ninety-one) new Access Bank ordinary shares,
representing the 2 new Access Bank ordinary shares for every 7 Diamond Bank
shares.
5.
The offer represents a premium of 260% to the closing market
price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange as of
December 13, 2018, the date of the final binding offer.
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