Thursday, March 5, 2009

Daily news - 5 Mar

SingLand shares fall on failed UIC takeover
Singapore Land – Shares of office landlord Singapore Land fell 22 cents, or 6.5 per cent, to close at $3.18 yesterday after UOL Group said that it won't make a takeover bid. UOL, which had made an offer for United Industrial Corp (UIC), was required to make a bid for SingLand as well if it received the minimum level of shareholder acceptances for the UIC offer. UIC owned about 72 per cent of SingLand when the offer was made in mid-January. But UOL secured acceptances of just 48.94 per cent when its UIC offer closed on Tuesday, below the 50 per cent needed to trigger a takeover offer for SingLand. This means that there was no need for UOL to launch a general offer for SingLand.

Source: Kim Eng

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