SINGAPORE (Nov 22): UOL Group on Tuesday night announced the mandatory unconditional cash offer for all the shares in Singapore Land that it does not already own at S$11.85 each.
The offer for SingLand, 99.7% owned by UIC, was triggered under the chain rule of Singapore's takeover code after UOL raised its stake in United Industrial Corp (UIC) to more than 50%, gaining statutory control of the latter.
SingLand was delisted from the Singapore Exchange in 2014. Under the 2014 offer, the base offer price for each SingLand share was S$9.40 in cash. The current offer price therefore represents a premium of 26.1% to the 2014 offer price... (Click here to read the full story.)