Titan Trust Bank sends mandatory takeover notification to Union Bank

Union Bank of Nigeria Plc has notified its shareholders and the Nigerian Exchange Limited that it has received a Mandatory Takeover Offer (MTO) from Titan Trust Bank Limited.

A corporate disclosure by Union Bank, explained that the mandatory takeover offer is for Titan Trust to take over ownership of 1,927,532,558 (one billion, nine hundred and twenty-seven million, five hundred and thirty-two thousand, five hundred and fifty-eight) ordinary shares from Union Bank.

The shares are valued at 50 (fifty) Kobo each and represents 6.59% of the shareholding of Union Bank of Nigeria Plc.

The statement said: “Titan Trust has received the Securities and Exchange Commission’s approval to launch the MTO. The MTO is priced at N7.00 (seven Naira) 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”

It would be recalled that Union Bank Plc recently announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.

As a result of this, major changes were made to Union Bank’s Board which saw the resignation and retirement of old directors and the appointment of new ones.

Titan Trust Bank commenced operations in October 2019, it is about three years, as against Union Bank which is 104-year-old.