Article Summary
1. The Asset Management Corporation of Nigeria on Thursday announced Heritage Bank-sponsored HBSL Investment Services Limited as the preferred bidder for Enterprise Bank. Fidelity Bank was the reserve bidder.
2. The acquisition involves the entire issued and fully paid up ordinary shares of Enterprise Bank Limited.
3. The completion of the transaction is subject to the fulfilment of the conditions precedent as stated in the Share Purchase Agreement that is to be executed between AMCON and HISL.
4. This process started with interest shown by 24 parties cutting across local and international bidders. The competitive bidding process, was coordinated for AMCON by Citigroup Global Markets Limited and Vetiva Capital Management Limited (financial advisers) and G. Elias & Co. (legal advisers).
5. AMCON is due to announce the preferred bidder for Mainstreet Bank on, or before October 31.
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