OCBC rejects improved takeover offer for Straits Trading

OCBC says it intends to reject an improved takeover offer for one of its listed subsidiaries, Straits Trading.

This could effectively end a tussle for the listed commodities and property company between two of the Singapore’s prominent banking families.

On one side is the Lee family, who are OCBC’s main shareholders.

They have offered to pay S$6.55 a share for Straits Trading, valuing it at S$2.1 billion.

That was higher than an earlier revised S$6.50 offer made by Tecity, which is controlled by the family of OCBC’s former chairman, Tan Chin Tuan.

Straits Trading is one of Singapore’s oldest trading houses and its businesses including tin smelting, metals trading, hotels and property. – CNA/ch

Source : Channel NewsAsia – 15 Feb 2008