Titan Trust offers N13.5bn to buy Union Bank’s minority shares

Titan Trust Bank Limited has announced a Mandatory Takeover Offer (MTO) of the remaining 1.9 billion ordinary shares of Union Bank Nigeria Limited a few months after it purchased the majority shares of the bank.

The takeover, valued at N13.5 billion for a total of 1.93 billion shares at N7 per share, are targeted shares representing 6.59 per cent of the total shares of Union Bank.

In a letter to the Nigerian Exchange Limited, NGX, on Monday, Union Bank said Titan Trust has received the Securities and Exchange Commission’s approval to launch the MTO. “The MTO is priced at N7.00 per ordinary share; being the price at which the Block Trade was executed.

“The Qualification Date for the MTO is 5.00 pm on Monday, 31st October, 2022 – which is the date on which the names of shareholders must be in the Register of Members and is the settlement date for trades that are executed on Wednesday 26th October, 2022.

“For clarity, all trades must be executed by Wednesday 26th October, 2022 in order to qualify to participate in the MTO, and only shareholders, whose names are in the Register of Members on 31st October, 2022 will be able to participate in the MTO,” the statement said.

With this latest move of buying out the ordinary shareholders of Union Bank, subsequently, the Bank will be delisted from the local bourse.

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