Following the execution of a Memorandum of Understanding between Access Bank Plc and Intercontinental Bank Plc for the purpose of a business combination to create one of Africa’s largest financial institutions, we are pleased to announce that both parties have now entered into legally binding terms for the proposed combination with the signing of the Transaction Implementation Agreement (TIA).www.mannastores.com
The transaction will involve a Scheme of Arrangement in accordance with the laws of the Federal Republic of Nigeria.
The Central Bank of Nigeria (CBN) has conveyed its no –objection to the terms of the TIA and has granted both parties approval to implement the terms of the Agreement.
Consequently, the parties will now commence the process of a Scheme of Arrangement, which in line with best practice; will be subject to necessary Shareholder, Regulatory and Judicial approvals.www.mannastores.com
This is a good idea if it makes them stronger and more profitable. What happens to shares issued by these companies individually? Ben
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