These are five facts you need to know about the merger....dont panic!
- The proposed merger would 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.
-Diamond Bank shareholders will receive N3.13 per share, comprising a cash consideration of N1.00 (one Naira) per Diamond Bank Share representing a total cash amount of N23,160,388,968 (twenty-three billion, one hundred and sixty million, three hundred and eighty-eight thousand, nine hundred and sixty-eight Naira), or US$ 75,588,736.84 (seventy five million, five hundred and eighty eight thousand, seven hundred and thirty six dollars and eighty four cents).
-Diamond Bank will receive an allotment of 6,617,253,991 (six billion, six hundred and seventeen million two hundred and fifty-three thousand, nine hundred and ninety-one) new Access Bank ordinary shares, representing the 2 new Access Bank ordinary shares for every 7 Diamond Bank shares.
-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 of December 13, 2018, the date of the final binding offer.
from dailytrust
Good for them
ReplyDeleteIt is an acquisition not a merger. Access Bank is acquiring Diamond Bank. And for those asking, CBN cannot possibly release the information before it is concluded to avoid the financial position of the banks being altered significantly.
DeleteTankio
DeleteNah wa! Hope our money is safe....
ReplyDeleteYes it is.
DeleteThis is information that should have clearly come out immediately the information was released.
ReplyDeleteNot scrambling to combine points together when you see panic withdrawals and a whole lot of information being peddled online and offline and no one knows what is fact or fiction.
Wake up and be in total control your messaging.
Una no go hear.
This comment has been removed by a blog administrator.
ReplyDeleteI think what most people really want is if the savings they have with Diamond bank won't be affected.
ReplyDeleteSo in essence what have you said??
ReplyDeleteIf the name "Diamond" will completely be gone, then its not a merger... Herbert has given us full Access to the Diamond.
ReplyDeleteWhen Standard bank merged with Chartered bank, we got Standard Chartered! So if Access still stands as Access without the diamond, they should just shut up!
Yeye son has driven his fathers empire to the ground.
Gbam
DeleteSo I suggest a merger name for the Diamond Access or Access Diamond
Lol
Diamond ass.
DeleteIt’s an acquisition and not a merger.
DeleteGood to know
ReplyDeleteSee Stella, these do not apply to most of the people panicking. The people who own huge moola there know all these and have been properly advised. The main people panicking are those employees who are not sure of still retaining their jobs after the merger happens.
ReplyDeleteI pray my friend doesn't lose her job because once something like this happens, shit goes down for employees.
ReplyDeleteMoreover,all these merger PR talks should stop please. It's the new name "Diamond Access" or something like that? If the new name is solely "Access bank" then it's downright acquisition. Dee Pascal unfortunately trusted his sons too much to manage his dynasty. Imagine living and knowing that it's your fruit that ruined what you have laboured for all your live. This is a prayer point for all parents.
DeleteAnd how many hundreds of thousand jobs lost?
ReplyDeleteGood to know
ReplyDeleteGood to know
ReplyDeletePascal Dozie shd never have appointed his son to run this bank. He shd have employed a neutral person and alloted heavy shares to his son. Instead he prioritised family over building an lasting institution. See where they are now. One of the biggest banks from the East has just been crushed.Too bad!!!
ReplyDeleteThey don't train their children well so they can't run any of their empire, most rich men in Nigeria are blessed with bad kids
DeleteI don't understand this share stuff very well,BT I believe its a gud investment and I would like to venture into it. pls how does 1 go abt,hw is it done
ReplyDeleteContact a stock broker and he or she will advise you on the best companies to invest your money in.
Deletehow can be able to contact them,.. I av no idea abt it
DeleteI blame Diamond bank staff that are still there. We all knew the bank was crashing. Many of us left last year and this year when we saw things that were happening but didn't say anything. I left Diamond last year and I was not surprised when this news came out. I blame their staff. They were careless! They should have left earlier!
ReplyDeleteThe new bank name should be "Access your Diamond" yinmu! They had better not play with my remaining 6k or else.....
ReplyDeleteFunny you. 😂😂😂😂😂😂
Delete6k? 😁😁😁😁
Deleteno job is lost dear, the branches of the banks will still be in operation but the physical structure will now bear an Access bank themed exterior in addition to the internal restructuring of shares capital.
ReplyDeleteYou have no idea of what you are saying. At least 50% of diamond bank full staff will loose their jobs. Also, Access bank will shut down some branches.
DeleteSo you believe no branch will close? Forgetting access bank already had branches? Thry close close many branches and what do you think will happen???
Deletemadam you were lucky to have left on time please don't blame other staffs, is not when you have some where to go? Or will you sack your self with out any hope?. Access bank is big now because of Lagos State money and Abacha loot that is in their custody. I believe people monies are save and come to think of it no more will go down in Nigeria again without people funds being paid.
ReplyDeleteWhat if the new Governor in Lagos State decides to take Lagos State’s money elsewhere?
DeleteThey neccesarily don't need to have somewhere before leaving but dey could have been actively applying till something clicks than this last minute rush
DeleteSharp practices will never allow Nigerian banks to last. There is no corporate governance in naija. All you have is directors who feed fat and then reserve little or nothing as dividends. They only allow you to know what they want you to know. I can never buy stocks that are owned by Nigerians. They are greedy and that’s why you hardly find Nigerian companies outliving it’s owners. They die with the owners or before the owners.
ReplyDeleteThere is no need to let any soothsayer tell you that jobs wouldn’t be lost. People would definitely loose their jobs. Can the head office roles be done in 2 offices. No. Enterpreneurahip is the way to go. Thinks and start. Take the risk one day at a time. People who are working -employees should learn to save and stop keeping up with the joneses. Buying cars all the time, holidays outside the country, leaving in exotic estates, enrolling kids in schools with outrageous fees.
ReplyDeleteWhen you have Money, you have ACCESS to buy DIAMOND
ReplyDelete#copied
why this merging now that i have begin to use diamond bank as a savings account...am just tired
ReplyDeleteIt’s not a merger it’s an acquisition.
DeleteDiamond bank tell the truth, this is an acquisition and not a merger.
ReplyDeleteDiamond bank tell the truth, this is an acquisition and not a merger.
ReplyDeleteinvesting in stocks in Nigeria is a very big fraud. They will sell shares and divert the money to another business. Something is not just adding up cos pascal dozie is a director in MTN N which just got a licence to operate a banking business in Nigeria or might be related to the huge fine MTN is charged by the government.
ReplyDelete