Auswide Bank (ASX:ABA) Announces Scheme Approval
Supreme Court Approval
Auswide Bank Ltd (ASX:ABA) announced that the Supreme Court of New South Wales has approved MyState Bank Limited’s proposal to acquire 100% of its shares through a scheme of arrangement.
Scheme Consideration
Eligible shareholders will receive 1.112 new MyState shares for each Auswide share held on the record date of 12 February 2025. Ineligible foreign shareholders will receive their pro rata share of the proceeds under the sale facility by 19 March 2025.
Timetable
The scheme becomes effective on 10 February 2025, with trading of Auswide shares suspended on the same day. MyState shares will begin trading on a deferred settlement basis on 11 February and transition to normal settlement on 20 February 2025. Implementation and payment of scheme consideration will occur on 19 February 2025.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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