MON, MAY. 08 2023-theGBJournal|Titan Trust Bank Limited (Titan Trust), Union Bank Plc’s core shareholder, has informed the Board of Directors of Union Bank of an offer for the acquisition of all the shares held by the minority shareholders in Union Bank, Union Bank said in a statement seen by theGBJournal today.
”The transaction will be implemented by way of a Scheme of Arrangement (the Scheme) between the Bank and the Bank’s shareholders (“the Minority Shareholders”), in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended),” Union Banks said.
Under the terms of the Scheme, the Scheme Shares, being the outstanding shares of the Bank not already held by Titan Trust, will be acquired by Titan Trust for a consideration of N7 (Seven Naira) per share.
Union Bank said it has received the ‘No Objection’ of both the Central Bank of Nigeria (CBN) and Securities & Exchange Commission (SEC).
The terms and conditions of the Scheme are stated in the Scheme Document which will be despatched to all shareholders, following receipt of an order from the Federal High Court to convene a Court-Ordered Meeting of the Bank’s shareholders.
Recall that Titan Trust completed the takeover of Union Bank, Nigeria’s old bank, just in June 2022, acquiring 89.4% stake from a pool of stakes held by major investors, including Atlas Mara and Union Global Partners Limited. Titan Trust later upped the stake to 93.4%.
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
