Merger/Acquisition: Skye Bank acquires Mainstreet Bank

With the completion and signing of share purchase agreements (SPAs) with the Assets Management Corporation of Nigeria (AMCON), Skye Bank Plc is stepping up the amount of 1st tier banks.

AMCON, in a statement signed by its Head, Corporate Communications Strategy and Research, Mr. Kayode Lambo, a week ago announced that Skye Bank is preferred bidder for the acquisition of the whole issued and fully paid-up ordinary shares of Mainstreet Bank.

Within four days of AMCON’s announcement of Skye Bank as preferred bidder for Mainstreet Bank, Skye Bank paid the mandatory 20% deposit of the bid price, on the same day it signed the SPA and prior to the deadline, that has been October 9, 2014. Skye Bank again, on Oct. 31, paid the 80% balance to accomplish the take-over of Mainstreet Bank prior to the transaction deadline.