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.
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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.
