The terms of the United Industrial Corporation (UIC) offer are fair and reasonable, said ANZ - the independent financial adviser to Singapore Land's independent directors.

ANZ has recommended that shareholders vote in favour of the delisting of the property developer and office landlord.

It said on Monday: "We recommend that the independent director should advise the shareholders either to accept the offer or to consider selling their shares in the open market if they can obtain a price higher than the offer price."

UIC made an offer to take SingLand private last month, offering $9.40 per share in a general offer for the 20 per cent of SingLand that it does not already own.

Reasons cited for the privatisation include the generally low trading liquidity of SingLand shares, and the opportunity for more flexibility and optimal use of its management and capital resources.

UIC had also said that delisting will allow SingLand to save on expenses incurred maintaining its listing status.