BREAKING: Diamond Bank Set To Merge With Access Bank

In a surprising - or perhaps shocking - style, the management of Diamond Bank on Monday, 17thDecember 2018 announced its proposed merger with the Access Bank.

A statement by the bank’s Secretary/Legal Adviser, Mr. Uzoma Uja disclosed that the transaction would be completed by the first half of 2019.

“The proposed merger will 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,” the disclosure, sent to the Nigeria Stock Exchange, said.

Read the full disclosure below:
STATEMENT REGARDING SCHEME TO MERGE WITH ACCESS BANK

The Board of Diamond Bank Plc (“Diamond Bank”) today announces that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc (“Access Bank”) as the preferred bidder with respect to a potential merger of the two banks (“the merger”) that will create Nigeria and Africa’s largest retail bank by customers.

The Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.

The proposed merger will 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 a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of two (2) New Access Bank ordinary shares for every seven (7) Diamond Bank ordinary shares held as at the

Implementation Date. 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 (“NSE”) as of December 13, 2018, the date of the final binding offer.

Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange would be cancelled, upon the merger becoming effective.

Diamond Bank expects the transaction to be completed in the first half of 2019.

We will keep the market updated with any new development.

However, financial experts and analysts have stated that the impending development will not affect depositor's accounts, hence urged the clients of the affected banks not to exercise any iota of fear.

BREAKING: Buhari Presents 2019 Appropriation Bill Today at NASS

Amidst all uncertainties owing to the ongoing warning industrial action of the National Assembly (NASS) Chapter of the Parliamentary Staff Association of Nigeria (PASAN), it is now clear that the President of Nigeria, Muhammadu Buhari will present the 2019 Appropriation Bill to the Joint Session of the NASS today being 19th, December 2018 as earlier requested by the Presidency.

The Money Bill is expected to be presented at about 11:00am.

The members of the both Chambers of the NASS comprising the Federal House of Representatives and the Senate are required to be present at the event.

Rostrum gathered from the insiders that the money bill is expected to worth about N8.7trn.

Rostrum365 promises to give you up-to date report as the occasion unfolds.

It would be recalled that the members of NASS Chapter of the PASAN embarked on a 4-day warning strike on Monday, 17th December 2018 in a bid to press home their working incentives that have reportedly been kept on hold. But the leadership of the union has announced that the president would not be prevented from presenting the appropriation bill as proposed.

BREXIT: Kate Hoey Warns EU and Ireland Conniving to Take Britain's Money

In what could be described as shocking, the Brexiteer, Mrs. Kate Hoey has claimed that both the European Union (EU) and the Republic of Ireland are “conniving” to keep the United Kingdom (UK) “as close as possible” with the Brussels bloc in an effort to “keep taking Britain’s money”.

The Irish border backstop has proven to be one of the most controversial elements in Brexit talks.

The backstop is meant to ensure no matter what happens with the rest of the negotiations, there would not be a hard border between Northern Ireland and the Republic.

But the Labour MP, Mrs. Hoey has warned that under Prime Minister Theresa May’s deal, it is “very dangerous” because Northern Ireland would be without a voice despite having to follow EU single market rules.