Access Bank and Diamond Bank Issue Denials on M and A

Monday, November 12, 2018   06:32PM / By Proshare Research/ NSE 

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

Access Bank Plc and Diamond Bank Plc have this evening, both denied the media reports (not Proshare) earlier released today on purported talks on acquisition.

The leeway provided them was offered by the news release published and given a wide circulation (not including this medium).

We can discountenance the media release after the denials below but we cannot discountenance that Diamond Bank Pc is in a serious trouble.

The bank asked The Carlyle Group for more funds before now, but Carlyle said NO and did in fact asked for their shares/position in Diamond Bank to be liquidated, apart from other demands and exercise of control over collaterals; which precipitated the reaction of the banks management to hit a panic button.

Access Bank Plc is aware of this information and others and knows its limits/limitations as regards the deal. The CBN equally does and so do the SEC/NSE on this development.

We will await further pronouncements.

The notification published below by the firms in a synchronised manner reflects a response to this:

Find below the releases issued by the aforementioned entities via NSE: 

Purported Talks For Access Bank Plc To Acquire Diamond Bank Plc

The attention of Diamond Bank Plc (“the Bank”) has been drawn to the rumour in the media stating that the Bank is purportedly in discussions with Access Bank Plc to acquire the Bank.

We wish to state categorically that the Bank is not in discussions with any financial institution at the moment on any form of merger or acquisition. We trust that the above clarifies the position of the Bank with regards to the rumour on the various media platforms. 

Recent Rumour On Business Combination With Diamond Bank Plc

Our attention has been drawn to newspaper report on Access Bank Plc (“the bank”) being engaged in merger and acquisition talks with Diamond Bank Plc.

We wish to notify the Nigerian Stock exchange and the general public that the bank has not entered into any such discussions with Diamond Bank or any other institution.

As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most preferred manner.

Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded.

Financials

·         Visit Diamond Bank Plc IR Page on Proshare MARKETS

·         Visit Access Bank Plc IR Page on Proshare MARKETS

Contact Proshare via  research@proshareng.com

News Platforms That Carried Development Nov 12, 2018

1.       Talks on for Access Bank to acquire Diamond Bank -  The Nation – Nov 12, 2018

2.      Diamond Bank received no cash offer from investor, says board -  Daily Trust – Nov 12, 2018 

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

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