Samba Financial Group announces that it entered into a Framework Agreement with National Commercial Bank (NCB) in order to begin a reciprocal due diligence process and to negotiate definitive and binding terms of a potential merger of Samba and National Commercial Bank
Based on this Exchange Ratio Range, the total consideration payable by National Commercial Bank to Samba shareholders, should the Proposed Transaction complete within that range, will be between approximately 1,441 million to 1,540 million new National Commercial Bank shares. The parties have also agreed in the Framework Agreement that they will negotiate definitive agreements in relation to the Proposed Transaction that will set out the relevant commercial terms. The parties intend to conclude the reciprocal due diligence process and sign the definitive agreements in relation to the Proposed Transaction, if they agree to their final terms, within a period of four months from the date of this announcement.
The Proposed Transaction involves related parties and directors who have a conflict of interest in relation to it, which will be assessed by Samba for the purpose of ensuring compliance with the relevant rules and regulations. The details of all related parties and conflicted directors will be announced at a later stage.