Auswide Bank Says Merger With MyState Unit Becomes Legally Effective; MyState Shares Hit 2.5-Year High
Auswide Bank (ASX:ABA) said its pending merger with MyState Bank, a unit of MyState (ASX:MYS), by way of a scheme of arrangement is now legally effective, according to a Monday filing with the Australian bourse.
The bank lodged with the Australian Securities and Investments Commission a copy of the orders made by the Supreme Court of New South Wales approving the scheme, per the filing.
Auswide Bank expects its shares to be suspended from the Australian Securities Exchange at the close of trade on Monday.
Shares of Auswide Bank rose nearly 2% in recent Monday trade, while shares of MyState rose past 1% and earlier hit their highest since August 2022.
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