AIB has formally completed the acquisition of US bank, Dauphin Deposit Corporation, which has now merged with its First Maryland Bancorp subsidiary. Dauphin's shareholders, who were offered AIB shares or cash for their Dauphin shares, pre-dominantly accepted shares, with AIB confirming yesterday that 85.4 per cent will be issued shares.
AIB is now issuing 161.1 million new AIB ordinary shares at 25p each to these Dauphin shareholders. The new share issue increases the market value of AIB, which at its current share price, gives the bank a market capitalisation of Pounds 4.724 billion.
Dealings in the new ordinary shares are expected to begin today, on the Irish, London and New York Stock Exchanges.
Announcing the completion of the deal yesterday, AIB group chief executive, Mr Tom Mulcahy, said the bank was looking forward with confidence to realising the benefits from its considerably strengthened position in the US market.
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