Tecity

OCBC sells its 6.2% stake in Straits Trading to Tecity

Oversea-Chinese Banking Corp (OCBC) says it will accept Tecity's bid for Straits Trading. It will sell its 6.2% stake, generating proceeds of S$135.3m. The announcement comes just days after the Lee family, which controls OCBC, pulled out of the bidding war for Tecity. And on Monday, insurer Great Eastern Holdings also announced that it was selling its stake to Tecity. OCBC had been quoted earlier as...

End of bidding war for Straits Trading is good news for minority investors

A bidding war between two of Singapore's most famous corporate families has come to an end but not without a final climax. Insurer Great Eastern Holdings says it will sell its shares in Straits Trading to Tecity, which is controlled by the family of the late Tan Chin Tuan. On Sunday, the Lee family, the main shareholder of Oversea-Chinese Banking Corp, pulled out of the race for Straits Trading, saying...

Tussle over for Straits Trading … almost

Lees say yes to Chew Gek Khim’s offer, but will OCBC? A rare and intense corporate tug-of-war between two distinguished families has ended with one side throwing in the towel, but not without first squeezing the other side. The Lees of OCBC fame yesterday retreated from the tussle for one of Singapore’s oldest firms - Straits Trading Company (STC) - by accepting the offer of $6.70 a share from the...

Tecity raises offer for Straits Trading to S$6.70 a share

The bidding war for the tin-smelting and property firm, Straits Trading Company, continues to escalate. Tecity Group, controlled by the family of the late Tan Chin Tuan, has again raised its offer for Straits Trading. It is now offering to pay S$6.70 a share to take over the company. This is S$0.20 higher than its last revised offer. The latest bid values Straits Trading at S$2.18 billion. Tecity's...

Tecity raises offer for Straits Trading to S$6.50 a share

Tecity has raised its general offer for Straits Trading to S$6.50 a share following a counter bid from the Lee family. The revised offer values the company at S$2.1 billion. It is 14 per cent higher than Tecity's original offer price of S$5.70 and 31 per cent above the last traded price of Straits Trading before the general offer. The latest offer by Tecity, controlled by the family of the late Tan Chin...

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