Yahoo Finance BRIEF-Saudi's SABB Says In Advaced Talks On Alawwal Bank Merger
May 16 (Reuters) - SAUDI BRITISH BANK:
* ANNOUNCES LATEST DEVELOPMENTS IN RELATION TO ITS PROPOSED MERGER WITH ALAWWAL BANK
* CONFIRMS THAT DISCUSSIONS IN RELATION TO POSSIBLE MERGER ARE AT AN ADVANCED STAGE
* BASED ON PRELIMINARY AGREEMENT, ALAWWAL BANK SHAREHOLDERS WOULD RECEIVE 0.485 SABB SHARES FOR EACH ALAWWAL BANK SHARE
* BOARDS OF SABB AND ALAWWAL BANK HAVE REACHED A PRELIMINARY, NON-BINDING AGREEMENT ON SHARE EXCHANGE RATIO
* MERGER WOULD VALUE EACH ALAWWAL BANK SHARE AT SAR 16.3 AND ALAWWAL BANK EXISTING ISSUED ORDINARY SHARE CAPITAL AT APPROXIMATELY 18.6 BILLION RIYALS
* THIS REPRESENTS A PREMIUM OF 28.5 PERCENT TO ALAWWAL BANK SHARE PRICE AS OF MAY 14, 2018
* A BINDING AGREEMENT IS YET TO BE ENTERED INTO BETWEEN SABB AND ALAWWAL BANK
* SABB DOES NOT EXPECT THAT PROPOSED MERGER WILL, IF COMPLETED, RESULT IN ANY INVOLUNTARY LAYOFF OF EMPLOYEES Source text for Eikon: Further company coverage:
