UOL makes mandatory offer for remaining shares in SingLand after stake in UIC crosses 50%

SINGAPORE (Nov 22): UOL Group on Tuesday night announced the mandatory unconditional cash offer for all the shares in Singapore Land that it does not already own at $11.85 each.

The offer for SingLand, 99.7% owned by UIC, was triggered under the chain rule of Singapore's takeover code after UOL raised its stake in United Industrial Corp (UIC) to more than 50%, gaining statutory control of the latter.

SingLand was delisted from the Singapore Exchange in 2014. Under the 2014 offer, the base offer price for each SingLand share was $9.40 in cash. The current offer price therefore represents a premium of 26.1% to the 2014 offer price.

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