Allied Irish Banks Announces Completion of Dauphin Acquisition.NEW YORK--(BUSINESS WIRE)--July 8, 1997--Allied Irish Banks, p.l.c. (AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → ) (NYSE NYSE See: New York Stock Exchange : AIB; AIBPR; FMBPR) is pleased to announce that the acquisition of Dauphin Deposit Corporation ("Dauphin") was completed today. Dauphin has now merged with AIB's subsidiary First Maryland Bancorp First Maryland Bankcorp was the holding company for the First National Bank of Maryland, acquired by Allied Irish Banks in 1997. In 1999 First Maryland Bankcorp merged with Dauphin Deposit Corporation to form Allfirst Financial. (FMB FMB abbr. Federal Maritime Board FMB (US) n abbr (= Federal Maritime Board) → Dachausschuss der Handelsmarine ). In accordance with the elections of Dauphin shareholders, 85.4% of Dauphin shares are being exchanged for AIB American Depository Receipts (ADRs), with the remaining 14.6% being exchanged for cash. As the average closing price of the AIB ADR ADR - Astra Digital Radio on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. for the 10 trading days ended June 30, 1997 was $46.925, the exchange ratio under the terms of the Merger Agreement was determined at one AIB ADR to one share of Dauphin common stock. Consequently, AIB will issue 161.1m new AIB ordinary shares of 25p each, representing 26.9m ADRs. AIB has issued 12.1m less shares than would have arisen had the AIB ADR price averaged $40, the price at January 21, 1997 when the Dauphin Acquisition was announced. Dealings are expected to commence in the new ordinary shares on July 9, 1997 at 2.30pm (9.30 am in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) on the Irish, London and New York Stock Exchanges. Commenting on the acquisition, Mr. Tom Mulcahy, AIB Group Chief Executive said: "We are delighted that the acquisition of Dauphin is complete and with the support that the Dauphin shareholders have demonstrated towards AIB. We are looking forward with confidence to realising the benefits from our considerably strengthened position in the USA." Dauphin, FMB and AIB share a common value of commitment to service and support the markets and communities we serve. The merger will create a prime banking force in the FMB and Dauphin core markets, focused locally, and benefiting from the strength of AIB's capital base as an AA rated bank and its international capabilities". CONTACT: AIB Group -OR- C. Walton & Co. Mr. Declan Mc Sweeney, Mr. Clyde Walton Chief Financial Officer, Tel. 212/661-1620 Tel. 353-1-6600311 Ext. 14954 |
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