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Wheelock extends S$2.5B buyout offer for Wheelock Properties

The closing date for Wheelock and Co. Ltd.'s unconditional offer to buy out its Singapore-listed property unit for S$2.5 billion has been extended to Sept. 21, 5:30 p.m. Singapore time, from Sept. 7.

As at the initial closing date, the Hong Kong-based bidder held 77.58% of Wheelock Properties (Singapore) Ltd.'s total shares, about 1.37% of which were tendered and validly accepted during the offer period.

Wheelock disclosed the offer in July with a roughly 76.21% shareholding in Wheelock Properties, and the ultimate goal is to delist the latter from the bourse if its public float goes under 10%. The parent also intends to buy the remaining shares it does not own in the subsidiary if its stake tops 90%.

As of Sept. 7, US$1 was equivalent to S$1.38.