Shareholders of Diamond Bank Plc have demanded an investigation into the financial institution’s “merger” with Access Bank Plc. The deal worth over N23.160 billion cash consideration will see to shareholders of Diamond Bank getting N1 per share.
Nevertheless, they applauded the board’s quick resolution in picking the alternative rather than allow degeneration to regulatory bridging, as was the case with Skye Bank Plc.
After a series of denials by Diamond Bank, zero response by Access Bank, and silence from regulatory authorities, both lenders are finally headed for an outright acquisition disguised as a merger.
The Guardian however had earlier predicted that the deal would be sealed in record time despite the denials, with a similarity akin to Access Bank’s takeover of Intercontinental Bank Plc in 2012.
Yesterday, Diamond Bank affirmed its submission to the powers of Access Bank, describing the relationship as a union that would create Nigeria’s and Africa’s largest retail bank by customer-base…Read more