Titan Trust: Union Bank Shareholders To Get N7/share

Titan Trust Bank Limited has made an offer of N7 per ordinary share to buy non-controlling interest or minority shareholders of Union Bank of Nigeria Plc, according to a regulatory filing on Monday.

Union Bank of Nigeria Plc told the Nigerian Exchange Limited and other stakeholders that Titan Trust Bank Limited has notified the Bank of a mandatory takeover offer that will be made to shareholders of Union Bank.

This is coming after its core investors transferred ownership interest to Titan Trust Bank, a smaller financial service company in the Nigerian market. This means that Titan Trust Bank will be controlling the whole of Union Bank of Nigeria if minority owners sell their holdings.

According to the offer detail, the mandatory takeover offer will be for 1,927,532,558 ordinary shares in Union Bank of Nigeria Plc, representing 6.59 per cent of its outstanding shares.

Titan Trust has received the Securities and Exchange Commission’s approval to launch the MTO, according to the statement.  The bank told the Nigerian Exchange that 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 5.00pm 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”, it said.

UBN told shareholders that 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.