Titan Trust to Acquire Minority Interest in Union Bank
Following the acquisition of majority shares in Union Bank of Nigeria Plc, Titan Trust Bank Limited has indicated interest to buy the remaining shares currently outside its control.
In a statement filed with the regulator, Union Bank of Nigeria told the Nigerian Exchange Limited and other stakeholders that the Bank’s core shareholder, has informed the Board of Directors of an offer for the acquisition of all the shares held by the minority shareholders.
The bank added that the transaction will be implemented by way of a Scheme of Arrangement between the Bank and the Minority Shareholders in Union Bank, in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended).
“Under the terms of the Scheme, outstanding shares of Union Bank not already held by Titan Trust will be acquired for a consideration of N7.00 per share”.
To effect the transaction, management said Union Bank has received the ‘No Objection’ of both the Central Bank of Nigeria and the Securities & Exchange Commission.
The Tier-2 lender however added that the terms and conditions of the acquisition are stated in the Scheme Document which will be dispatched to all shareholders, following receipt of an order from the Federal High Court to convene a Court-Ordered Meeting of the Bank’s shareholders. #Titan Trust to Acquire Minority Interest in Union Bank
