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WBL Corp will remain listed on the Singapore Exchange following the takeover offer for the company by United Engineers Ltd (UEL).
At the close of the offer on Wednesday, UEL and related parties held approximately 96.29 per cent of WBL shares.
However, " as certain concert parties fall within the definition of 'public' as defined in the listing manual" , the percentage shareholding of WBL in the hands of public shareholders remains above 10 per cent, WBL Corp said.
Accordingly, trading of WBL's stock units and convertible bonds on the SGX will continue.
This counter will be cornered in the future.
Games over ,,,,,st got bullet to buy next target,,,,,,,and lee family take control of wbl,,,,,,,,win win solution for both otherwise die together and jump to Singapore river
The independent financial adviser (IFA) to the takeover of WBL Corporation, KPMG Corporate Finance, has rejected Straits Trading Company's offer as "not fair from a financial point of view".
In a letter to WBL independent directors on Feb 13, KPMG said it has evaluated Straits Trading's S$3.36 a share cash offer or share swap offer of 1.0543 new Straits Trading shares per WBL share after considering various factors, such as WBL's sum of the parts valuation and comparison of the offer to WBL's average price and premiums or discounts of precedent takeovers.
Accordingly, WBL's independent directors has also advised stockholders and convertible bondholders to reject Straits Trading's offer.
WBL, a technology, motor and property group, is being courted by both Straits Trading and United Engineers. UE said it intends to offer S$4 a share for WBL late last month.
SINGAPORE--Property and engineering company United Engineers Ltd. (U04.SG) said Wednesday that it plans to make a S$670.4 million (US$545 million) offer to buy 61.7% in WBL Corp. (W01.SG), a conglomerate with interests in automotive, property and engineering.
United Engineers will offer S$4 (US$3.25) a share to buy 167.6 million WBL shares, it said in a filing to the Singapore Exchange.
Its bid is supported by some WBL shareholders who together own 38.3%. They include Oversea Chinese Banking Corp. Group and Great Eastern Group.
Singapore-listed WBL is also a car dealer and distributor of luxury brands such as Bentley, Bugatti, Infiniti, Jaguar and Land Rover in Singapore, Malaysia, China, Hong Kong, Indonesia and Thailand.
The company owns a controlling stake in Nasdaq-listed Multi-Fineline Electronix Inc. and Singapore-listed MFS Technology Ltd.
The United Engineers offer values WBL at about S$1.1 billion.
another big fight is going to erupt b/w st trading and United eng with the latter now offer to take over WBL at $ 4.00 which is 60 cts higher than what St trading is currently offering. M& A is hotting up in SGX. Lets see who wins and we small investors can ride the gain too.
longterminvestor ( Date: 27-Nov-2012 10:05) Posted:
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ST TRADING TAKING OVER WBL- WOW factor
$3.41 or 1.07 ST TRADING SHARES