- Charter Court confirmed Monday that it was in 'advanced talks' to be acquired by One Savings Bank.

Under the proposed terms of the merger, One Savings Bank (OSB) would acquire all the issued and to be issued shares of Charter Court on the basis of an exchange ratio of 0.8253 new OSB shares for each Charter Court share.

On this basis, OSB shareholders would hold approximately 55% and Charter Court shareholders would hold approximately 45% of the combined group.

Should the merger go ahead, Andy Golding, currently CEO of OSB, would become CEO of the combined group.

Both companies said a merger had the potential to create 'material shareholder value.' Subject to the successful outcome of ongoing discussions, OSB and Charter Court were expected to recommend the possible combination to their respective shareholders. OSB was required, by not later than 5.00 p.m. on 6 April 2019, either to announce a firm intention to make an offer for Charter Court in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, according to market rules.

At 8:19am: [LON:CCFS] Charter Court Financial Services Group Plc share price was +19.2p at 325.6p

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