Union Bank of Nigeria Plc is planning to increase its shareholding in Union Bank, having earlier absorbed majority stake in the bank.
To this end, it has notified the investing public of its core shareholder, Titan Trust Bank Limited decision to acquire shares held by the minority shareholders in Union Bank.
Union Bank, in a statement signed by its company secretary, Somuyiwa Sonubi said: “the transaction will be implemented by way of a Scheme of Arrangement between the Bank and the Bank’s shareholders, in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020.
“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 a consideration of N7.00 per share. Union Bank has received the ‘No objection’ of both the Central Bank of Nigeria and Securities & Exchange Commission.”
It added that “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.”
Recall that Union Bank Nigeria Plc had reached an agreement to sell a majority stake to Titan Trust Bank Limited. The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98 per cent), Atlas Mara (25.53 per cent) and other shareholders divest their core holdings totalling 89.39 per cent in Union Bank to Titan Trust Bank.
