Titan Trust Bank sets N13.4bn to acquire 1.92bn shares of Union Bank

Union Bank of Nigeria Plc has informed Nigerian Exchange Limited and its stakeholders that Titan Trust Bank Limited notified the bank of a Mandatory Takeover Offer (MTO) that will be made to shareholders of Union Bank.

The Mandatory Takeover Offer for 1,927,532,558 ordinary shares of 50kobo each in the Union Bank represents 6.59percent of the shareholding of Union Bank of Nigeria Plc.

Titan Trust has received the Securities and Exchange Commission (SEC) approval to launch the MTO.

The MTO is priced at N7 per ordinary share; being the price at which the Block Trade was executed. The qualification date for the MTO is 5 pm on Monday, October 31, 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, October 26, 2022.

Union Bank said all trades must be executed by Wednesday, October 26, 2022, in order to qualify to participate in the MTO, and only shareholders whose names are in the Register of Members on October 31 will be able to participate in the MTO.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.