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.