MTO: Titan Trust Mops Up 1.93 Billion Shares of Union Bank

Titan Trust Bank Limited (TTB) has announced a Mandatory Takeover Offer (MTO) of the remaining 1.9 billion ordinary shares of Union Bank Nigeria Limited few months after it purchased the majority shares of the bank. READ MORE

The takeover is valued at N13.5 billion for a total 1.93 billion shares at N7 per share. The targeted shares represent 6.59 percent of the total shares of Union Bank.

The latest move is aimed at buying out the ordinary shareholders and subsequently delisting the bank from the stock exchange.

In a letter to the Nigerian Exchange Limited (NGX) on Monday, Union Bank stated: “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.”