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Home Companies Corporate Updates

Union Bank Shares: Titan Trust N7 per share MTO excites minority shareholders

NM Partners by NM Partners
October 27, 2022
in Corporate Updates
Union Bank shares: Titan Trust N7 per share MTO excites minority shareholders
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Minority shareholders of Union Bank of Nigeria (UBN) have expressed satisfaction with the announcement of a N7 per share premium Mandatory Takeover Offer (MTO) by Titan Trust Bank Limited (TTB), the new owners of UBN.

The shareholders also commended Titan Trust Bank’s transparency and trust in offering the same MTO to both the minority and majority holders of Union Bank, a gesture not common in the Nigerian banking industry. This development has further consolidated TTB’s stance to protect Nigerians and their investments in the bank and create wealth for its shareholders.

Recall that TTB, in pursuit of an expansionary course with the objective of building a stronger brand capable of taking on a larger market share of a continent striving for financial inclusion, took the financial industry by surprise after it announced its acquisition of 93.41% holding in 105-year-old UBN in barely three years of its establishment. The deal, regarded as one of the largest acquisition deals in the history of Nigeria’s banking industry, with an off-market deal worth N191 billion, was however, formalized earlier this year with Tropical General Investments Limited (TGI Group), the parent company of TTB, becoming majority shareholder and core investor in UBN. The deal has, however, received applause from shareholders, investors and industry watchers who have described it as a win-win for Nigerians and the Nigerian economy.

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As required by the Nigerian Exchange (NGX) regulations, the mandatory offer allows Titan Trust to purchase the remaining 6.59% shareholding equivalent to N1, 927, 532, 558 (one billion, nine hundred and twenty-seven million, five hundred and thirty-two thousand, five hundred and fifty-eight) ordinary shares, a tender bid to be priced at N7.00 per share and offered at a premium above the market price, standing at N5.9 per share on Monday, the day the offer was announced.

The N7.00 per share was “the price at which the block trade was executed,” the bank said.

Titan Trust has received the Securities and Exchange Commission (SEC)‘s approval to launch the MTO.

Since the announcement of the shares offers, some of the shareholders of UBN who spoke to our correspondent have expressed their excitement and commended the new owners and management of the bank for the offer.

Within a few months of the acquisition of Union Bank by the TGI Group, the retail lender is beginning to gain a lot of stability and also earn the confidence of the public following the emergence of a new leadership team that the group has assembled to make the lender a bank of the first choice for Nigerians in the very near future.

Business analysts are optimistic that the new measures and innovations being injected into UBN by TTB will pay off soon even as the lenders continue with their integration process.

TTB was established to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.

Tags: Titan Trust Bank LimitedTTBUBNUnion Bank of Nigeria
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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