Following the Union Bank of Nigeria Plc announcement of Titan Trust Bank Limited Mandatory Takeover Offer (MTO) made to its shareholders in which the Block Trade had been executed between 26th – 31st October 2022 to shareholders whose names are in the Register of Members on the said dates, the new owners of the bank on Wednesday notified shareholders that the MTO had opened.
According to the Notice issued by the new owners on the Take-Over Offer, the offer is open to qualifying shareholders of Union Bank of Nigeria Plc, who have accepted the take-over offer to sell some or all of their Union Bank of Nigeria Plc shares.
The Mandatory Take-Over Offer is to acquire up to 1,927,532,558 Ordinary Shares of Union Bank, representing 6.59% of the total issued and fully paid-up share capital of the bank.
The Notice indicates that N7.00 is the Offer Price for each Ordinary Share deposited or tendered pursuant to the Take-Over Offer.
The Take-Over Offer information also showed that the Offer opens by 8:00am on Wednesday and the Withdrawal Period ends by 5pm on November 12 while the Offer closes at 5:00pm on November 23, 2022.
On acceptance of Take-Over Offer, the Notice further stated: “Qualifying Shareholders may accept the Take-Over Offer in respect of all their shares or part thereof by depositing or tendering their shares and completing the Acceptance Form attached to this Offer Document.”
It added that all completed and duly executed forms must be submitted to the Registrars by 5:00 pm Wednesday, November 23, 2022.
