UOL makes bid for UIC
UOL owns various properties in Singapore, Malaysia, China, Australia and Myanmar as well as the firm that manages the Pan Pacific hotel chain. -ST
Wed, Jan 14, 2009
The Straits Times
UOL Group , a property firm controlled by United Overseas Bank Chairman Wee Cho Yaw, on Wednesday offered to buy United Industrial Corp (UIC) in a deal that values UIC around S$1.6 billion.
UOL, which currently controls 30.2 per cent of UIC, will pay $1.20 for every UIC share it does not own, according to a filing on the Singapore Exchange.
That represents a premium of 9.1 per cent over UIC's last traded price of $1.10 a share. The shares were suspended earlier on Wednesday.
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