Titan Trust Bank to Take Over Union Bank Next Week

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CEM REPORT, FINANCE | A Mandatory Takeover Offer (MTO) has been issued to Union Bank of Nigeria Plc by Titan Trust Bank Limited.

According to a disclosure by Union Bank to its shareholders and the Nigerian Exchange Limited, 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 the bank.

The disclosure notes that names of shareholders must be in the register of members by Wednesday 26th October 2022 as the MTO is to be effected on Monday 31st October 2022.

“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”

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

Recall 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.

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