Acquisition: Court approves Access Bank's share allotment to Diamond Bank's shareholders

As part of the ruling on the joint petition by Access and Diamond banks towards their planned merger, the Federal High Court in Lagos approved the transfer of all assets, liabilities and undertakings by Diamond Bank to Access Bank.

Justice Oguntoyinbo said the cash consideration of N1.00 for every Diamond Bank share be paid by Access Bank within ten business days of the sanctioning of the Scheme of Merger by the court, while the entire issued share capital of Diamond Bank is cancelled. Also, counsel to the two banks had informed the court that both parties had agreed on the outcome of their court-ordered meeting affirming their resolution to merge.

In an application filed with the NSE by the bank’s Company Secretary/Legal Adviser, Uzoma Uja, Diamond said the announcement followed its receipt of the final approval of the Central Bank of Nigeria and the Securities & Exchange Commission to its proposed merger with Access Bank.

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