spitzserfun wrote:Mr. Banker wrote:My PNB holdings got a drubbing in the past few trading days. Looking forward to a recovery soon.
Mr Banker. Sana mag-recover soon. Do you have updates on the merger?
We will probably read some updates soon as PNB’s scheduled May 29, 2012 Stockholders’ meeting prominently carries the topic “Merger Update” among its agenda.]
Reviewing my notes, so far the sequence of events that has already taken place is as follows:
Oct 18, 2011 : US Federal Reserve Board approved the Voting Trust Agreement covering Allied Bank’s Oceanic Bank Holdings that allows ABC and PNB to implement the merger;
March 26, 2012: Both ABC and PNB stockholders approved the revised merger plan in their respective stockholders’ meetings;
March 27, 2012: The application for approval of the merger was filed with the BSP and PDIC;
April 13, 2012: The application for approval of the merger was filed with the SEC
Based on my observation, it takes BSP some 18-21 calendar days to approve simple cash dividend declarations of banks. I am hoping a longer 60 calendar days will be sufficient for them to make a decision on the more complex issue of a merger. That decision may come just in time before the May 29 stockholders’ meeting.