Fakoyejo OlalekanUnion Bank of Nigeria has disclosed that Titan Trust Bank Limited has tendered a mandatory takeover offer to acquire the remaining minority shares of 6.59 per cent.
The minority shares is broken down to 1,927,532,558 ordinary shares of Union Bank, and it is worth N13.49 billion, considering the offering price for the stake is N7 per share.
Recall that Titan Trust Bank had acquired a majority stake of 93.41 per cent in Union Bank in June. The former has now offered to buy out the remaining shares in a bid to own the latter 100 per cent.
The tender offer has until October 31, 2022, a statement released on Monday to the investing public has revealed.
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In the document issued by Union Bank of Nigeria, it was stated that, “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 statement reads.
Union Bank informed 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.”
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