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 move comes after the Lee family, which controls OCBC Bank, raised its offer to S$6.55 a share last week.

Tecity has said that the latest offer will be its final bid, which it will not extend beyond March 6.

Straits Trading has businesses ranging from hotels and properties to the metals and mining sectors. – CNA /ls

Source : Channel NewsAsia – 18 Feb 2008

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