TheCable

Titan Trust Bank Limited has increased the scheme consideration, also known as the buyout offer, for shares owned by minority shareholders in Union Bank of Nigeria.

The minority investors were initially offered N7 per share, but Titan Trust, a majority shareholder in Union Bank, increased the buyout offer to N7.70.

Somuyiwa Sonubi, Union Bank’s secretary, disclosed this in a statement filed with the Nigerian Exchange Limited (NG‭X) on Tuesday.

Sonubi also said Union Bank is finalising its delisting process as Titan Trust moves to acquire the 1.92 billion minority shares, which represents 6.59 percent.

“Union Bank of Nigeria Plc hereby notifies our esteemed stakeholders that the Bank is finalising the process of obtaining approval to delist the bank’s shares from NGX, upon which shareholders of the bank will receive a scheme consideration of N7.70 per share,” Union Bank said.

The company said upon receipt of approval to delist Union Bank from the stock market, the registrars will remit the scheme consideration to all shareholders of the bank, pursuant to the decision of the court-ordered meeting and the subsequent sanction by the federal high court.

“All shareholders of the bank are enjoined to ensure that their accounts have been duly mandated, for the purpose of receiving the scheme consideration,” Union Bank said.

In 2021, Titan Trust Bank ‬Limited (TTB) acquired major stake in Union Bank.

The stake represented 88.39 percent of the ownership of Union Bank.

A year later, Titan Trust Bank made a mandatory takeover offer (MTO) to minority shareholders of Union Bank.

In May 2023, Union Bank said Titan Trust Bank informed the board of directors that it was interested in buying all the shares held by the minority shareholders in Union Bank.