Heritage Bank emerged as the preferred bidder for the acquisition of Enterprise Bank yesterday. The bid was put t N56billion. This comes about a year after Asset Management Corporation of Nigeria (AMCON) began the sale process. Enterprise Bank is one of the three nationalized banks created after the 2009 banking crisis.
Fidelity Bank is the reserve bidder.
As per the Share Purchase Agreement (SPA) to be signed between AMCON and Heritage Bank, the bank would be expected to pay 20% of the bid price 48 hours after signing, that is September 21. The balance of 80% is expected by October 13, 2014.
