ACCESS, DIAMONDBNK Share Prices Move Up On Potential Merger News

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Monday, December 17, 2018 / 01:12 PM / Proshare Research

 

The share price of Access Bank Plc has, so far, moved up by +7.38% to N8.00k from N7.45k previous price as at 12:45pm. Similarly, Diamond Bank share price has also moved up by +9.47% to currently trade at N1.04k from N0.95k previous price.

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This upwards movement in share price cannot be unconnected with the expected announcement of a Merger and acquisitions talk which is ongoing between the two banks

Eventually, Access Bank Plc today confirmed the signing of Memorandum of Agreement with Diamond Bank Plc over a potential merger. 

The bank explained that ‘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. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive N3.13 per share, comprising the followings and  the transaction is expected to be subjected to formal regulatory and shareholder approvals. 

      I.        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) and;

 

    II.        the 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. 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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Visit Access Bank Plc IR Page on Proshare MARKETS

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Visit Diamond Bank Plc IR Page on Proshare MARKETS

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Related News on Access Bank Plc

1.       Fitch Affirms Access Bank at 'B'; Stable Outlook

2.      Nigerian Banks' Eurobond Buybacks Show Better FC Liquidity - Fitch

3.      Diamond Bank Losses N5.33b In Market CAP in Two Days - ACCESS Grows 1.95%; DIAMOND Losses -17.97%

4.      Access Bank and Diamond Bank Issue Denials on M and A

5.      Why Diamond Bank Opted For A CBN-Managed Acquisition By Access Bank Over The Carlyle Group

6.      Access Bank Plc 2018- 2022 Strategy – Presentation

7.      2018-2022 Transformational Strategy: Access Bank targets 30ml customers

8.     Access Bank Launches New Five-Year Strategy – to Become Africa’s Gateway to the World

9.      Access Bank Plc IR Page on Proshare MARKETS

10.  ACCESS declares N62.91bn PAT in Q3 2018 Results,(SP:N8.0k)

11.   ACCESS Declares N39.63bn PAT in Q2 2018 Results;Propose 25k Interim Dividend,(SP:N9.50k)

12.  ACCESS Declares N22.12bn PAT in Q1 2018 Results,(SP:N11.35k)

13.  ACCESS declares N61.99 bn PAT in Q4 2017 Results, Proposes N0.40k Dividend Per share(SP:N11.75k)

 

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Related News on Diamond Bank Plc

14.  What Does It Mean That Independent Directors Accuse Diamond Bank Of Corporate Governance Issues?

15.   Fitch Downgrades Diamond Bank to 'CCC'

16.  Nigerian Banks' Eurobond Buybacks Show Better FC Liquidity - Fitch

17.   Diamond Bank Receives CBN Approval To Operate As A National Bank

18.  DIAMONDBNK, PRESTIGE and FCMB Lead Top Losers Table Week To Date

19.  DIAMONDBNK Lost N5.09bn This Week To Date; Extends November Loss to N15.75bn

20. DIAMONDBNK Has Lost N12.74bn in Market CAP, 39.01 per cent Month To Date

21.  Diamond Bank Plc - Overblown Fright Or Justified Concerns?

22. Diamond Bank Trades 59% of Total Market Volume; Hits 208.68m, Highest in 10 Months

23. Diamond Bank Losses N5.33b In Market CAP in Two Days - ACCESS Grows 1.95%; DIAMOND Losses -17.97%

24. Access Bank and Diamond Bank Issue Denials on M and A

25.  Why Diamond Bank Opted For A CBN-Managed Acquisition By Access Bank Over The Carlyle Group

26. Diamond Bank Plc IR Page on Proshare MARKETS

27.  Nigerian Diamond Bank Downgraded On Weaker-Than-Expected Asset Quality; Outlook Negative

28. Diamond Bank Plc Postpones 9M 2018 Conference Call Due to Unforeseen Circumstances

29. DIAMONDBNK Declares N1.65bn PAT in Q3 2018 Result,(SP:N1.44k)

30. Diamond Bank Plc 9M 2018 - Underlying Pressures Persist

31.  Diamond Bank Plc Refutes Recent Speculations On Capital Injection

32. Diamond Bank Plc Announces The Resignation of Board Chairman and Three Non-Executive Directors

33. Diamond Bank Issues Notice on CBN Levy on London Stock Exchange – Sep 07, 2018

34. CBN Debits Diamond Bank’s Accounts for the Full Amount of the Fine Levied Against It

35.  One Week After CBN Fines –MTN Share Price Drops by 31.06%; DIAMONDBNK and STANBIC Also Drop

36. CBN Debits the Account of Stanbic IBTC Bank In Respect of N1.886bn Regulatory Fine

37.  Banks, MTN Engage CBN Over $8.1b Fine; Factually Incorrect Premises Highlighted

38. MTN Nigeria, Banks and CBN Action – An Update and Initial Commentary

39. MTN Replies Nigeria’s CBN – You Approved The Funds Repatriated

40. CBN Clamps Down on Four Banks; Writes MTN to Refund $8bn

41.  DIAMONDBNK Declares N1.79bn Profit in Q2 2018 Results,(SP:N1.40k)

42. Diamond Bank Plc Appoints Mr Oluseyi Bickersieih as a Director andChairman of its Board

43. Diamond Bank Plc Announces Its Closed Period and Board meeting

44. Diamond Bank Plc Announces The retirement of Prof. Chris Ogbechie from its Board

45.  Nigeria-Based Diamond Bank 'B- and B' And 'ngBB and ngB' Ratings Affirmed; Outlook Negative

46. Diamond Bank Plc IR Page

47.  Diamond Bank Plc FY 2017 and Q1 2018 Conference Call and Earnings Presentation - The Key Takeaways

48. Diamond Bank Plc Releases FY2017 and Q1 2018 Results After Delay in Filing

49. Q1 2018 Results Summary – 97 Quoted Companies Filed Quarterly Financial Statements

50. Why These Listed Companies Have Delayed Filing Results As At March 31, 2018

51.   Diamond Bank Seeks Extension For 2017 And Q1’ 2018 Accounts To May 2018

52.  Diamond Bank Divests Its 100% Holding in Diamond Bank UK; To Focus on Nigeria

53.  Diamond Bank Plc Announces Planned Divestment from Diamond ... Nov 3, 2017

54.  Diamond Bank Plc Announces Delay in Filing FY 2017 Financial ...

 

 

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