The minority shareholders of Union Bank Plc will receive a total of N13.4 billion (N7.70 per share) for relinquishing their stakes to majority shareholder Titan Trust Bank Plc.
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This follows Union Bank’s announcement on Tuesday that the scheme of arrangement for its takeover by Titan Trust has received final approval and is nearing completion.
Under the deal, the core investor Titan Trust which already owns 94.1% of Union Bank, will pay minority shareholders N7.70 for each share they hold. This final consideration is 10% higher than Titan Trust’s initial offer of N7 per share made in October 2022.
The payment will see the exit of minority investors as Union Bank concludes the process of delisting from the Nigerian Exchange. This will then enable the bank’s conversion into a private entity fully-owned by Titan Trust.
According to Union Bank, the scheme has received all necessary regulatory approvals from the Central Bank of Nigeria and Securities & Exchange Commission. It was also overwhelmingly approved by shareholders, with 99.98% voting in favor during a court-ordered meeting in June.
The conclusion of this deal will end Union Bank’s decades as a publicly listed company. It joined the Lagos Stock Exchange (now NGX) in January 1970.
There are indications that post takeover, Union Bank may be merged with Titan Trust and operate under the ‘Union Bank’ name. This will create a stronger emerging banking force.
Union Bank urged shareholders to ensure their accounts are duly mandated to receive the scheme consideration once the takeover process attains the final milestone.
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