Titan Trust Bank to acquire shares of all minority shareholders in Union Bank

Union Bank Plc has disclosed that it has received an offer from its core shareholder ,Titan Trust Bank Limited to acquire the shares of all minority shareholders in Union Bank.

Union Bank stated this in a Proposed Scheme of Arrangement notice to the Nigerian Exchange Limited (NGX) and the investment community.

According to the statement signed the Company Secretary, Somuyiwa Sonubi, the Bank’s core shareholder, has informed the Board of Directors of Union Bank of an offer for the acquisition of all the shares held by the minority shareholders in Union Bank.

The bank noted that the transaction will be implemented by way of a Scheme of Arrangement between the Bank and the Bank’s shareholders (the Minority Shareholders), in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended).

It stated that under the terms of the Scheme, the Scheme Shares, being the outstanding shares of the Bank not already held by Titan Trust, will be acquired by Titan Trust for consideration of N7.00 per share.

‘No Objection’ Union Bank said it has received the ‘No Objection’ of both the Central Bank of Nigeria and the Securities & Exchange Commission.=

“The terms and conditions of the Scheme are stated in the Scheme Document which will be despatched to all shareholders, following receipt of an order from the Federal High Court to convene a Court-Ordered Meeting of the Bank’s shareholders,” the bank said.

Union Bank Plc last year announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank Limited, a subsidiary of TGI Group.