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Yanlord Land extends takeover offer for United Engineers

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Yanlord Land extends takeover offer for United Engineers

Yanlord Land Group Ltd. extended the closing date for its S$1.72 billion mandatory takeover offer for United Engineers Ltd. to Dec. 30 from Dec. 26.

Yanlord Land said Dec. 16 that it currently intends to preserve the listing status of United Engineers after the closing of the takeover offer. However, it would not preserve United Engineers' listing status if it does not satisfy the free float requirement.

In November, Yanlord Land launched a S$2.5947-per-share buyout offer for WBL Corp. Ltd. in relation to its pursuit of United Engineers.

DBS Bank Ltd. submitted the proposal on behalf of Yanlord Land.

As of Dec. 16, US$1 was equivalent to S$1.35.