Shareholders of FinBank Plc Approves merger deal with FCMB
Category: Mergers & Aquisitions
September 29, 2011
Abuja, Nigeria - The Shareholders of Finbank Nigeria Plc have just approved the proposed Merger and Acquisition Deal between bank and First City Monument Bank (FCMB).
The Extraordinary General Meeting has just been concluded now! Finbank Shareholders’ funds of N107.3bln will find now succor in the banking operations of FCMB. By 99.98% votes of shares, shareholders of FCMB, a couple of hours ago gave backing to the same Merger and Acquisition Deal with Finbank.
Finbank’s supportive shareholders of M&A Deal will have one new share for 0.48kobo but decliners are to get 0.13k final payment of their shares.
With some level of assurances the Chairman of Finbank Board of Directors; Dr. T.C. Osanakpo says the fate of employees will be guided in good form.
This marks the end of the several months of discussions and due diligence done by the Directors of the two lenders towards a business amalgamation.
Report Filled by MBC team in Abuja and the Proshare team in Lagos