Titan Trust Bank Limited has paid a mandatory takeover offer to purchase the remaining minority shares of 6.59 per cent in Union Bank.
The minority shares is broken down to 1,927,532,558 ordinary shares of Union Bank, and it is worth N13.49 billion, with the offering price for the stake being N7 per share.
Meanwhile, Titan Trust Bank had earlier acquired a majority stake of 93.41 per cent in Union Bank in June. Thus the new offer by is in order to effect their complete ownership of Union Bank.
According to a statement by Union Bank on Monday, the bank informed the investing public that the tender offer has until October 31, 2022.
“Titan Trust has received the Securities and Exchange Commission’s approval to launch the MTO, Union Bank added.
“The MTO is priced at N7.00 (seven Naira) per ordinary share; being the price at which the block trade was executed.” The statement reads.
Furthermore, Union Bank told its shareholders that “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.”