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Republic Bank Submits Offeror’s Statement To Sec, Hfc Bank
 
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30-Apr-2014  
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Republic Bank Limited (RBL) today, submitted its Offeror Statement to HFC Bank and the Securities and Exchange Commission (SEC) detailing its offer to all shareholders of HFC Bank.

This is in line with the requirements of the SEC Code on Takeovers and Mergers (the Takeover Code) and follows the Bank of Ghana’s approval for RBL to make a mandatory offer to shareholders and RBL’s announcement of 16th April, 2014.

The share price offered by RBL has been increased from its initial indicative offer of GHS 1.30 to GHS 1.60 per share. The revised offer is at a premium of 65% over the mandatory price and 28% above the current trading price. As part of the statement, RBL Auditors, Ernst and Young, have provided confirmation that available resources of the bank are sufficient to satisfy full acceptance of the offer.

The offer is subject at all times to the provisions of the Takeover Code and the Listing Rules of the Ghana Stock Exchange.

RBL continues to follow the process as detailed by the SEC; which includes a requirement that HFC Bank advise receipt of the Offeror’s Statement to the SEC within 24 hours.

RBL remains committed to adding value to HFC Bank including the provision of opportunities; the continued professional development of staff, growth and expansion of the product and service offerings and the total operations of HFC Bank.
 
 
 
Source: Matilda Attram
 
 

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