Union Bank of Nigeria Plc has announced the Mandatory Takeover Offer (MTO) that will be made to shareholders of Union Bank by Titan Trust Bank Limited.
This was made known to the investing public in a release on the Nigerian Exchange Limited. The Mandatory Takeover Offer represents 1.928 billion ordinary shares of 50 kobo each in the bank, which represents 6.59 per cent of the shareholding of Union Bank of Nigeria Plc.
The release said Titan Trust has received the Securities and Exchange Commission’s(SEC) 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 on October 31, 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 October 26, 2022.
“For clarity, all trades must be executed by October 26, 2022 in order to qualify to participate in the MTO, and only shareholders whose names are in the register of members on October 31, 2022 will be able to participate in the MTO,” it pointed out.
Recall that in December 2021, Titan Trust Bank Limited acquired Union Bank of Nigeria Plc. This followed an agreement by Union Global Partners Limited, Atlas Mara Limited and other majority shareholders to divest 88.39 per cent shareholding in Union Bank to Titan Trust Bank.
Titan Trust Bank was established on December 12, 2018 and started operating fully as a commercial National Bank after obtaining its National Banking license on April 26, 2019