United Overseas Land’s offer for United Industrial Corporation lapses

The offer by United Overseas Land (UOL) for property group United Industrial Corporation (UIC) had lapsed.

UIC shareholders refused to accept the S$1.20-per-share offer that was tabled by UOL.

While it failed to achieve the required level of acceptances for an unconditional offer, UOL’s direct and deemed interest in UIC had risen from about 30 per cent to 45 per cent, after purchases on the open market.

This made it UIC’s biggest shareholder, surpassing Filipino tycoon John Gokongwei.

Mr Gokongwei is now UIC’s second largest shareholder, with 35 per cent.

UOL, which is controlled by UOB chairman Wee Cho Yaw, made its offer for UIC in January this year.

Source : Channel NewsAsia – 3 Mar 2009

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