Titan Trust Bank launches mandatory takeover offer for 6.95% of Union Bank shares

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BY BAMIDELE FAMOOFO

Uba Group

Titan Trust Bank Limited, the new owners of Union Bank of Nigeria Plc, is launching a Mandatory Takeover Offer for 6.95 percent of the shareholding of Union Bank of Nigeria Plc.

The Mandatory Takeover Offer for 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 of 50 (fifty) Kobo each in the Bank represents 6.59% of the shareholding of Union Bank of Nigeria Plc.

Titan Trust said it 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 5.00pm 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.

“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 bank said in a statement.

Company Secretary, Union Bank, Somuyiwa Sonubi, said: “The notification for the MTO has been disclosed to the Nigerian Exchange Limited as well as shareholders of Union Bank.”