Auswide Bank Ltd (ASX:ABA) said the Supreme Court of New South Wales on Friday approved the acquisition of the bank by MyState Bank, a unit of MyState (ASX:MYS), via a share scheme of arrangement, according to a same-day filing with the Australian bourse.
The Bank said the scheme will become effective Feb. 10, after it filed the court orders with the Australian Securities and Investments Commission, the filing said.
Its shares are expected to be suspended from trading as of market close on the same day, the filing added.
The new MyState shares are expected to start trading on the Australian Securities Exchange on a normal settlement basis from Feb. 20, the company said.
Shares of Auswide Bank rose 2% in recent trading on Friday.
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