Justice A. Aluko of the Federal High Court, sitting at Lagos, has ordered shareholders of Union Bank of Nigeria (UBN) to meet over the proposed takeover offer made by Titan Trust Bank Limited.
In a statement dated 16 May 2023, Union Bank said Justice Aluko, on 10 May 2023, directed the shareholders of the commercial bank to hold a Court Order Meeting (COM) on 13 June 2023, to vote on the N7 per share Titan Trust Bank offered to acquire the shares of minority investors in the company.
Titan Trust Bank, the majority shareholder of Union Bank, is looking to acquire the lender 100 per cent. The majority investor will not be voting at the court-ordered meeting next month, however, minority shareholders are mandated to be at the meeting and cast their vote to accept the Scheme of Arrangement for the share acquisition or reject it.
According to Union Bank, the resolution at the meeting includes an approval request for share transfer from minority shareholders to Tita Trust Bank and the delisting of Union Bank from the Nigerian stock exchange after the acquisition.
“At the meeting, the following sub-joined resolution will be proposed and if thought fit passed as a special resolution of the Bank:
Recall that there have been disgruntled minority shareholders who are not satisfied with the N7 per share offer from Titan Trust Bank, as they believe it falls below the value of Union Bank’s worth.
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