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Nigeria’s tier-1 bank, Access Bank Plc has confirmed the acquisition of Diamond Bank Plc in a move to create Nigeria and Africa’s largest retail bank by customers in a deal worth more than $90 million.
The deal, Access Bank, says will involve 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.
In a statement issued on Monday, December 17, 2018, Access Bank said based on the agreement reached by the boards of the two financial institutions, Diamond Bank shareholders will receive N3.13 per share.
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 at December 13, 2018, the date of the final binding offer.
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