December 29, 2008

Bank PHB acquisition bid of Spring Bank was seen as a done deal when it announced that it had successfully completed its mandatory bid for the acquisition of over three billion shares of the bank and a new board constituted almost immediately following approval from the CBN until a group of aggrieved shareholders came with an injunction attempting to halt the process, Lucky Fiakpa writes.

The acquisition process of Spring Bank by Bank PHB may well move from the boardroom to the courtroom for final settlement of the various issues veiling it at the moment. Bank PHB a fortnight ago announced cheerfully that it had successfully completed its mandatory bid for the acquisition of over three billion shares of Spring Bank.