TUES, 25 OCT, 2022-theGBJournal| Titan Trust Bank Limited (Titan Trust) has made a Mandatory Takeover Offer (MTO) to Union Bank shareholders, Union Bank announced Monday.
Union Bank said Titan Trust has received the Securities and Exchange Commission’s (SEC) approval to launch the MTO.
The MTO, part of corporate takeover process, allows Titan Trust Bank to purchase all outstanding shares of Union Bank.
The Mandatory Takeover Offer for 1,927,532,558 ordinary shares of 50 (fifty) Kobo each in the Bank represents 6.59% of the shareholding of Union Bank of Nigeria Plc.
The MTO is priced at N7.00 (seven Naira) per ordinary share; being the price at which the Block Trade was executed.
According to Union Bank’s notification statement to the NGX Exchange, ‘’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,’’ Union Bank noted.
Titian Trust bank bought 89.39 % controlling shares of Union Bank in May this year in a deal backed by the Central Bank of Nigeria (CBN). 27.34 billion ordinary shares were swapped in the deal.
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