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Skye Bank Wins Bid To Buy Over Mainstreet Bank

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Skye Bank Plc has won the bid to buy the assets of Mainstreet Bank. This was announced by the Asset Management Corporation of Nigeria (AMCON)

It also  announced Cedar One Investment Partners Limited as the first reserve bidder and Fidelity Bank Plc as the second reserve bidder for the acquisition of the entire issued and fully paid up ordinary shares of Mainstreet Bank in the event that the transactions with Skye Bank fails.

The statement which was released by the Head, Corporate Communications Strategy and Research, AMCON, Kayode Lambo said

“The completion of the transaction is subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement to be executed with Skye Bank Plc as well as the receipt of all required regulatory approvals from the Central Bank of Nigeria and the Securities and Exchange Commission.

“In the event that Skye Bank is unable to complete the transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with Skye Bank would be terminated and Cedar would become the preferred bidder.

“Further, in the event that Cedar is unable to complete the transaction in line with the payment terms and other provisions of the SPA, Fidelity Bank would become the preferred bidder.”

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