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UOL Group offers S$11.85 per share to buy Singapore Land

UOL Group Ltd. subsidiary UOL Equity Investments Pte. Ltd. offered to buy all the shares that the group does not control in Singapore Land Ltd., a subsidiary of United Industrial Corp. Ltd., for S$11.85 apiece.

The unconditional and all-cash offer, made by United Overseas Bank Ltd. on behalf of UOL Equity, was made after a series of on-market and off-market acquisitions increased UOL Group's interest in United Industrial to about 50.025%, representing 716,386,021 shares.

As of Nov. 21, Singapore Land is owned about 99.683% by United Industrial. As at the same date, the target has S$840.3 million in issued and paid-up share capital, comprising 412,477,559 shares.

UOL Group said its offer for Singapore Land represents an approximately 26.1% premium to the S$9.40-per-share offer made by UIC subsidiary UIC Enterprise Pte. Ltd. in 2014. Singapore Land was delisted from the Singapore exchange Aug. 25, 2014.

As of Nov. 21, US$1 was equivalent to S$1.35.