Union Bank of Nigeria Plc has announced to Nigerian Exchange Limited and investing public that Titan Trust Bank Limited has 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 (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% of the shareholding of Union Bank of Nigeria Plc.
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 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.