Nigeria’s second oldest
bank, Union Bank of Nigeria has notified its shareholders of a Mandatory
Takeover Offer of their shares by Titan Trust Bank Limited.
Union Bank said Titan
Trust has received regulatory approval of the Securities and Exchange
Commission for the takeover.
Titan Trust is backed by
a former Central Bank of Nigeria Deputy Governor, Tunde Lemo.
In June, the lender
issued a notification on the completion of the transaction by TGI Group, the parent
of TTB.
Consequently, ten of the
thirteen members of Union Bank’s board have left.
Union Bank had sold its
UK subsidiary to another investor, Fidelity Bank.
Union Bank told
investors in the notice that there will be a “Mandatory Takeover Offer for
1,927,532,558 (one billion, nine hundred and twenty-seven million, five hundred
and thirty-two thousand, five hundred and fifty-eight) ordinary shares of 50
(fifty) Kobo each in the Bank represents 6.59 percent of the shareholding of
Union Bank of Nigeria Plc.”
It said the MTO is
priced at N7.00 (seven Naira) per ordinary share; being the price at which the
Block Trade was executed.
Union Bank said, “The
Qualification Date for the MTO is 5.00pm 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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